|There are 6 types of corrections namely C1, C2, C3, C4, C5, C9. The following table briefly talks about each correction type:
|It may be noted the C1,C2, C3,C4,C5 and C9 type of correction may be made in the same single correction.|
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Given below are the points one should remember regarding TDS statement:
- Correct Reporting: Cancellation of TDS return and deductee row is no longer permissible. Accordingly, it is very important to report correct and valid particulars (TAN of the deductor, Category (Government / Non-Government) of the deductor, PAN of the deductees and other particulars of deduction of tax) in the quarterly TDS return
- Quote correct and valid lower rate TDS certificate in TDS return wherever the TDS has been deducted at lower / zero rate on the basis of certificate issued by the Assessing Officer
- Last Provisional Receipt Number to be quoted in regular TDS / TCS returns: While filing new regular (original) TDS return, it is mandatory to quote the last accepted Provisional Receipt Number of the regular quarterly TDS / TCS return of any form type
- TDS return cannot be filed without quoting any valid challan and deductee row
- Late TDS filing fee, being statutory in nature, cannot be waived
- Download PAN Master from TRACES and use the same to file new statement to avoid quoting of incorrect and invalid PAN
- Validate PAN and name of fresh deductees from TRACES before quoting it in TDS statement
- Download TDS certificate from TRACES (http://www.tdscpc.gov.in) bearing unique TDS certificate number and issue to the taxpayers within due date
- File correction statements promptly in case of incomplete and incorrect reporting
- Download the justification report to know the details of TDS defaults, if any, on processing of TDS return
- Do view your Dashboard regularly to know about your TDS performance
- Government deductors should obtain BIN (Book Identification Number) from their Accounts Officer (AIN holder) in time and quote the same correctly in TDS statement
The due date for deduction is either at the time of giving credit or payment of the dues, whichever is earlier. Late deduction happens in the event the tax is not deducted when the deduction is due and is deducted at a later date. The interest for the delay in deduction is charged at the rate of 1% per month or part of a month of the delay. For Example if the due date for a deduction is 2nd of June and it is deducted on 8th of July in the same year, then the interest is charged at the rate of 1% for each month i.e. (June & July) aggregating to 2% interest.