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CPC (TDS) follow up for Filing of Form No. 24G in FY 2014-15

CPC (TDS) has issued a communication regarding filing of Form No. 24G in FY 2014-15.

The issued communication has been given below:

Dear Sir/ Madam,

This is to inform you that your office (Accounts Office Identification Number (AIN)) have filed Form 24G for all 12 months in Financial Year 2013-14, however, you have not filed Form no. 24G for any of the months during Financial Year 2014-15.

  • Please note that in case of delay in filing of Form No. 24G by the AINs:
    • There would be delay in generation of Book Identification Number (BIN) and subsequent intimation of the same by the PAOs to the concerned DDOs.
    • This contributes towards delay in filing of quarterly TDS/ TCS statements resulting into levy of late filing fee u/s 234E of the I.T. Act (a sum of Two Hundred Rupees for every day during which the failure continues) on the deductors.
    • Late filing of TDS statements also results into the TDS Credit not being available to the deductees (employees / vendors) for claiming the amount of tax already deducted from the payments made to them besides generating correct TDS Certificates for them.
  • In view of the above, you are advised to file Form No. 24G well within the due date so that the DDOs are able to file there quarterly TDS / TCS Statements within the due time and avoid levy of fee u/s 234E of the Income Tax Act.

In case you have not filed due to one of the following probable reasons, please inform accordingly to this office with due support of documents:

a) the filing has been centralized and the filing is being done under any other AIN – Please surrender the AIN already allotted to you under intimation to this office

b) new AIN has been procured for filing Form No. 24G and old AIN no. is discarded – Please surrender the AIN already allotted to you under intimation to this office

c) not filed due to some internal problems of organization – Please take necessary steps to file 24G on priority basis under intimation to this office

d) any other problem – Please take necessary steps to file 24G on priority basis under intimation to this office

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

CPC (TDS) TEAM

Source: TRACES

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CPC (TDS) follow up for Payment of “Tax Deducted” within stipulated time

As per the records of the Centralized Processing Cell (TDS), this has been observed that there has been substantial delay in payment of the “amount of Tax Deducted” during the Financial Year 2013-14. In such case, this leads to Short/ Late Payment Defaults in your TDS Statements. CPC (TDS) has issued a follow up communication in this regard to deductors.

The issued communication has been given below:

Dear Deductor (TAN: ),

You may be aware that, in accordance with the provisions of Rule 30 of the Income Tax Rules, 1962; all sums deducted in accordance with the provisions of Chapter XVII-B of the Income Tax Act, 1961, shall be paid to the credit of the Central Government on or before seven days from the end of the month in which the deduction is made.

However, as per the records of the Centralized Processing Cell (TDS), this has been observed that there has been substantial delay in payment of the “amount of Tax Deducted” during the Financial Year 2013-14.In such case, this leads to Short/ Late Payment Defaults in your TDS Statements.

Please make note of the following important information in this regard:

  • Please note the provisions of section 200(1) of the Income Tax Act,1961;

                 Duty of Person deducting Tax:

    • Any person deducting any sum in accordance with [the foregoing provisions of this Chapter] shall pay within the prescribed time, the sum so deducted to the credit of the Central Government or as the Board directs.
    • Any person being an employer, referred to in sub-section (1A) of section 192 shall pay, within the prescribed time, the tax to the credit of the Central Government or as the Board directs.
    • Any person deducting any sum on or after the 1st day of April, 2005 in accordance with the foregoing provisions of this Chapter or, as the case may be, any person being an employer referred to in sub-section (1A) of section 192 shall, after paying the tax deducted to the credit of the Central Government within the prescribed time,[prepare such statements for such period as may be prescribed] and deliver or cause to be delivered to the prescribed income-tax authority or the person authorized by such authority such statement in such form and verified in such manner and setting forth such particulars and within such time as may be prescribed.]
  • If the tax is not paid in accordance with the provisions of the Act, it may attract penal Interest u/s 201(1A) and 220(2) of the Act.
  • Any such interest paid above will not be considered as deductible expense under the provision of section 43(ia) of the Act.

Action to be taken:

CPC (TDS) suggests for payment of all sums deducted within stipulated time to avoid Defaults related with the delay in payment of sums to the credit of the Government.

For any assistance, you can call our toll-free number 1800 103 0344.

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

CPC (TDS) TEAM

Source: TRACES

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Dos & Dont’s for filing TDS Returns

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

Dos

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

Dont’s

  • Don’t file late returns as it affects deductee tax credit.
  • Don’t quote incorrect TAN vis-à-vis TDS payments.
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Last date of filing of TDS/TCS returns for Q2 of FY:2014-15 – 15th October 2014

Due date for filing of TDS/TCS returns for Quarter 2 of FY:2014-15 is 15th October 2014.

With the introduction of Section 234E, there is now a provision of stringent penalties for delayed filing of TDS returns.

• Failure to submit e-TDS Statement on time will result in fees on the deductor.

• If you delay or forget to file your e-TDS Statement, fees of Rs. 200 per day will be levied on the deductor, as long as TDS Statement is not filed.

• The levied amount of fee is not supposed to exceed the TDS deductibles.

• Prior to filing of TDS Statement such fee should be paid and it should be reflected in the TDS Statement.

Click here for more details. 

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