TDSMAN Blog

smart & easy software for eTDS & eTCS returns

Key features of FVU version 4.5

  • Incorporation of section 194LBA (Certain income from units of a business trust):
    • Section 194LBA is applicable for Form no. 26Q and 27Q
    • Section 194LBA is applicable for statements pertaining to Q3 of FY 2014-15 onwards
    • For resident deductees the TDS rate is 10% & for non resident deductees the rate is 5%
  • Incorporation of section 194DA (Payment in respect of life insurance policy):
    • Section 194DA is applicable for Form no. 26Q only
    • Section 194DA is applicable for statements pertaining to Q3 of FY 2014-15 onwards
    • TDS rate for this section is 2%

 

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Important notifications displayed on TRACES website

The following important notifications have been displayed on TRACES website:

  • The original statement will be put on hold if Challan Mismatch/Challan Overbooked/PAN Errors has been identified in the preliminary check, please make online correction so that your statement is not processed for defaults.
  • A new version (2.1) of Excel Generation utility for Justification report has been rolled out. Please download and use latest utility version for Justification report requests.
  • Notices for Assessing Officer Functionality has been enabled on TRACES. Deductor can now check the status of Show Cause Notice/Penalty Order/201 Order issued by the Assessing Officer.
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CPC (TDS) follow up for Registration on TRACES

CPC (TDS) has issued an advisory communications to the deductors in which it has stated that the deductors has filed tds statements for different quarters but they have not yet registered on the web portal TRACES.  Therefore, the deductors must register on TRACES to download TDS Certificates (Form 16/ 16A) and avail several other facilities offered by TRACES.

The issued communication has been given below:

Dear Deductor,

As per the records of Centralized Processing Cell (TDS), the TDS Statements have been filed by you for different quarters, however, you have not yet registered on the web portal TRACES.

You will not be able to download TDS Certificates (Form 16/ 16A) and avail several other facilities offered by TRACES unless you are registered on the web portal.

Please refer to the following provisions of the Income Tax Act, 1961:

Downloading of TDS Certificates from TRACES made mandatory:

In this regard, your attention is invited to the CBDT circulars 04/2013 dated 17.04.2013, No. 03/2011 dated 13.05.2011 and No. 01/2012 dated 09.04.2012 on the Issuance of certificate for Tax Deducted at Source in Form 16/16A as per IT Rules 1962. It is now mandatory for all deductors to issue TDS certificates after generating and downloading the same from “TDS Reconciliation Analysis and Correction Enabling System” or http://www.tdscpc.gov.in (hereinafter called TRACES Portal).

TDS Certificates downloaded only from TRACES hold valid:

In view of above circulars, it may kindly be noted that the TDS Certificates downloaded only from TRACES Portal will be valid. Certificates issued in any other form or manner will not comply to the requirements referred in the Income-tax Act 1961 read with relevant Rules and Circulars issued in this behalf from time to time.

Due Date for downloading and Penalty for non-compliance:

Please be advised that under the provisions of section 203 of the Income Tax Act, 1961 read with rule 31A, Certificate of tax deducted at source is to be furnished within fifteen (15) days from the due date for furnishing the statement of tax deducted at source. Failure to comply with the provisions of the Act will attract penalty under the provisions of section 272A of the Act, a sum of one hundred rupees for every day during which the failure continues.

Assistance for Registration on TRACES:

You can access our web portal TRACES and refer to our e-Tutorial for assistance on Registration and Login. For any further assistance, you can also write to ContactUs@tdscpc.gov.in or call our toll-free number 1800 103 0344.

CPC (TDS) is committed to provide best possible services to you.

CPC (TDS) TEAM

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