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smart & easy software for eTDS & eTCS returns

TDSMAN Blog - smart & easy software for eTDS & eTCS returns

Frequently Asked Questions (FAQ) on Filing of TDS /TCS statement

Who is required to file e-TDS / e-TCS statement?

As per Income Tax Act, 1961, all corporate and government deductors / collectors are mandatorily required to file their TDS / TCS statements on electronic media (i.e. e-TDS / TCS statements). However, deductors / collectors other than corporate / government can file either in physical or in electronic form.

What are the due dates for filing of statement?

Form 24Q, Form 26Q, Form 27Q, Form 27EQ

Quarter

Period

Government Deductor

Non-Government Deductor

Q1 1 Apr – 30 June 31st July 15th July
Q2 1 July – 30 Sept 31st Oct 15th Oct
Q3 1 Oct – 31 Dec 31st Jan 15th Jan
Q4 1 Jan – 31 Mar 15th May 15th May

What will be the consequences if I do not file TDS / TCS statement within due date?

There will be a levy of Rs. 200.00 per day under section 234E of the IT Act, 1961 from the due date till the date when statement is filed.

Is there any penalty for non-filing of TDS / TCS statements?

Yes. If TDS / TCS statement is not filed for one year from the due date of filing, there would be a penalty of minimum Rs. 10,000.00 to Rs. 1,00,000.00 for not filing TDS / TCS statement under section 271H of the IT Act, 1961.

How can a Deductor / Collector check the status of TDS / TCS statement filed?

Status of TDS / TCS statements filed by a deductor can be checked by logging in to TRACES as deductor. This facility would be available only to a registered user of the portal.

What are the different statuses available on TRACES regarding TDS / TCS statement?

Following processing status shall be displayed for regular statement:

  • Pending for Processing
  • Processed for Form 26AS
  • Processed without Defaults
  • Processed with Defaults 

Following processing status shall be displayed for correction statement:

  • Pending for Processing
  • Processed for Form 26AS
  • Processed without Defaults
  • Processed with Defaults
  • Rejected

What are the common reasons for rejection of correction statement by TDS-CPC?

Following are the common reasons for rejecting a correction statement:

  • TAN is not valid as per data at TDS CPC
  • Statement corresponding to regular token number / previous token number field, as given in correction return, does not exist
  • Previous token number does not correspond to the last accepted correction statement at TDS CPC
  • Correction is filed for a regular return which is in cancelled state
  • In a correction statement, below are the verification keys which should match with the corresponding fields of regular statement :
    • RRR assessment year
    • Return Financial Year
    • Periodicity
    • Previous Token number
    • Last TAN of Deductor
    • Receipt number of Original / Regular Return
    • Form number
  • Sum given in 27A form should match with the sum of deducted amount of deductee records given in the correction statement 

What are the reasons to reject the correction in deductee records by TDS-CPC?

Rejection reasons pertaining to deductee details are as follows:

  • In a correction statement that updates / deletes deductee rows, verification keys from deductee data that should match with corresponding fields in regular / previous return are – Last PAN, Last total amount deducted at source, Last total amount deposited
  • Updation / deletion on deductee record is submitted in a correction statement but this deductee record does not exist in previous/ regular return
  • Valid PAN to invalid PAN update is not allowed for a deductee row
  • Deductee detail record number should be unique in case of addition of deductees
  • If value of Reason for non-deduction / lower deduction / higher deduction / threshold field as per regular or last correction statement is ‘C’ , then update can be performed only on ‘PAN’, ‘Amount of Payment’ and ‘Date of Payment’
  • Deletion of deductee record having value C in Reason for non-deduction / lower deduction/ higher deduction / threshold field, is not allowed
  • Valid PAN to another valid PAN update can be done only once for a given deductee row 

What are the reasons to reject the correction in salary detail records by TDS-CPC?

Rejection reasons pertaining to salary details are as follows:

  • In case of salary detail PAN update or delete of salary detail record, last total gross income should match with corresponding value in regular / previous statement
  • Salary detail record on which correction is filed does not exist in the regular / previous return
  • In case of addition of salary detail record, the record number should be unique and in sequence with the existing records in regular / previous return

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Duties of TDS Deductors

Deduct Tax at Correct Rate and deposit in Government Account – Sec 200

Every person responsible for deducting tax at source shall at the time of payment or credit of income, whichever is earlier, verify whether the payment being made is to be subject to deduction of tax at source. If it is so, he must deduct such tax as per the prescribed rates. Further he is required to deposit such tax deducted in the Central Government Account within the prescribed time as specified in Rule 30.

Issue a TDS certificate

Further, such person is required to issue a certificate of tax deduction at source u/s 203 to the person from whose income the TDS has been done, in the prescribed proforma i.e. Form No.16A within prescribed time(as discussed earlier).

File Prescribed Return/Quarterly Statement

A return of TDS is a comprehensive statement containing details of payments made and taxes deducted thereon along with other prescribed details. For deductions made prior to 01.04.2005 earlier every deductor was required as per the provisions of Section 206 (read with Rule 36A and 37) to prepare and deliver an annual return, of tax deducted at source. However w.e.f. 01.04.2005 there is no requirement to file annual returns and instead Quarterly statements of TDS are to be submitted in form 26Q by the deductors.

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TDSMAN updated with new FVU ver. 4.7 & FVU ver. 2.143

TDSMAN software has been updated for the newly released File Validation Utilities (FVU ver. 4.7 and FVU ver. 2.143)

All licensed and trial users are advised to update the software and File Validation Utility from the Utilities menu provided in the software in order to process the TDS returns.

FVU ver 4.7 – For statements pertaining to FY 2010-11 onwards.
FVU ver 2.143– For statements pertaining to FY 2007-08 to FY 2009-10.

Click here to view the key features of FVU version 4.7
Click here to view the key features of FVU version 2.143

 

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FVU 4.7 and FVU 2.143 released by NSDL

The Income Tax Department has released the following new File Validation Utilities:

FVU version 4.7 – For statement pertaining to FY 2010-11 onwards.

FVU version 2.143 – For statements pertaining to FY 2007-08 to FY 2009-10.

Click here to view the key features of FVU version 4.7
Click here to view the key features of FVU version 2.143

TDSMAN will incorporate new FVU versions and will be released latest by 25th June, 2015.

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