Do’s & Dont’s for TDS Returns

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Given below are some dos and don’t for the filing of TDS returns:

Dos

  1. Ensure that TDS return is filed with the same TAN against which TDS payment has been made.
  2. Ensure that correct challan particulars including CIN and amount is mentioned.
  3. Correct PAN of the deductee is mentioned.
  4. Correct section is quoted against each deductee record.
  5. Tax is deducted at the correct rate for each deductee record.
  6. File correction statement as soon as the discrepancy is noticed.
  7. Issue TDS certificate downloaded from TRACES website.

Donts

  1. Don’t file late returns as it affects deductee tax credit.
  2. Don’t quote incorrect TAN vis-à-vis TDS payments.
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When and How to claim TDS Refund

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In case of excess deduction of tax at source, claim of refund of such excess TDS can be made by the deductor. The excess amount is refundable as per procedure laid down for refund of TDS.

The difference between the actual payment made by the deductor and the tax deducted at source or deductible, whichever is more will be treated as the excess payment made. This amount is to be first adjusted against any existing tax liability under any of the Direct Tax Acts. After meeting such liability, the balance amount is to be refunded.

When TDS refund can be claimed:

  1. When the amount you are supposed to pay as tax in a year is lower than the amount already deducted as TDS, you are eligible to claim a TDS refund.
  2. When you fall below the minimum taxable limit and yet TDS has been deducted.

How TDS refund can be claimed:

There is no specific refund process or form to claim TDS refunds. You must file your income tax returns in the normal manner. The excess of TDS over what you are supposed to pay as tax in the year will be the refund amount due, and this needs to be shown in the returns filed. The TDS refund is processed by the Income Tax department within a few months of filing returns. Usually, it takes about 6 months time.

The Income Tax department processes the refund amount along with an interest of 6% per annum in some cases. The refund is usually given in the form of a cheque. However, with effect from AY 2015-16, all refunds will be made in electronic form, directly to the bank account of the assessee, which is required to be mentioned while filing the returns.

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FAQ on TDS/TCS Credit

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What is view TDS / TCS credit?

This is a facility which can be availed by deductor in order to verify whether the PANs for which user is deducting TDS are getting the credit for the same or not. This feature is available for only those PANs for which TDS return / TCS return has been previously filed by the deductor.

For which period can I view the TDS / TCS credit?

In order to view TDS / TCS credit, deductor has to specify the Financial Year, Quarter and Form Type for the PAN. The period is restricted to the relevant quarter for which statement has been filed. This facility is available for statements filed since FY 2007-08.

What is the process of viewing TDS / TCS Credit?

Deductor must enter PAN, FY, Quarter and Form Type to see information for a particular PAN. Statement Details table will be populated irrespective of whether PAN is present in the statement or not. This table provides information related to the statement pertaining to the input criteria selected by user. Deductee Details table will be populated only if the PAN entered by user is present in the latest accepted statement for the input criteria selected. This table shows the status of booking for a PAN.

How to check data in Deduction Details table?

Deductor can view data by clicking on View Details with PAN details.

Source: TRACES

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