TDSMAN Blog

Smart & Easy TDS Software for Preparing TDS Returns

TDSMAN Blog - Smart & Easy TDS Software for Preparing TDS Returns

Healthy Practices for Error-Free TDS Returns

Healthy practices for error – free TDS returns has been given below: 
  1. Deduction/ Collection of Tax at Correct Rates.
  2. Timely Deposit of Tax Deducted at Source.
  3. Accurate Reporting of data related to tax deductions/ collections made.
  4. Submission of TDS Statements within the due dates.
  5. Verification and Issuance of TDS Certificates within time.
  6. CPC (TDS) is now sending “Intermediate Default Communication” for PAN Errors and Short Payments, which can be corrected during the interim period of a week of filing TDS Statements, before CPC (TDS) proceeds with computing Defaults for the relevant statement.
  7. User-friendly Online Correction facility can be used for Correction of Deductees, Tagging Unmatched Challans and Payment of Fees/ Interest. (Please navigate to Defaults tab to locate Request for Correction from the drop-down menu. For any assistance, please refer to the e-tutorial available on TRACES).
  8. Aggregated TDS Compliance Report assists the PAN of the Deductor to administer TDS Defaults for associated TANs and to take appropriate action.
  9. The Deductor’s Dashboard provides you all necessary information to assist you in “Compliance Self-Assessment” and to take appropriate action.
  10. Non-filing Self-declaration can be made by navigating to Statements / Payments menu and submit details under Declaration for Non-Filing of Statements.
  11. PAN Verification and Consolidated TAN – PAN File facility on TRACES can be used for verifying the deductees.
  12. The Conso Files and Justification Reports downloaded from TRACES help you to identify errors in submission of revised Quarterly TDS Statements.
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Do’s & Don’t’s for TDS Returns

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

Dos

  1. Ensure that TDS return is filed with 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 correct rate for each deductee record.
  6. File correction statement as soon as discrepancy is noticed.
  7. Issue TDS certificate downloaded from TRACES website.

Dont’s

  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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Due Dates for January 2017

7 January 2017 – Due date for deposit of Tax deducted/collected for the month of December, 2016. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan​

7 January 2017 – Due date for deposit of TDS for the period October 2016 to December 2016 when Assessing Officer has permitted quarterly deposit of TDS under section 192, 194A, 194D or 194H​

14 January 2017 – ​Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of November, 2016

15 January 2017 -​ Due date for furnishing of Form 24G by an office of the Government where TDS for the month of December, 2016 has been paid without the production of a challan

15 January 2017 – ​Quarterly statement of TCS deposited for the quarter ending December 31, 2016

30 January 2017 – ​Quarterly TCS certificate in respect of tax collected for the quarter ending December 31, 2016

30 January 2017 – ​Due date for furnishing of challan-cum-statement in respect of tax deducted under Section 194-IA in the month of December, 2016

31 January 2017 – ​Quarterly statement of TDS deposited for the quarter ending December 31, 2016

31 January 2017 – ​Quarterly return of non-deduction at source by a banking company from interest on time deposit in respect of the quarter ending December 31, 2016

31 January 2017 – ​Due date for filing of statement of financial transaction by banks or post office in respect of cash deposits during the period 09th November, 2016 to 30th December, 2016 aggregating to—

(i) Rs. 12,50,000 or more, in one or more current account of a person; or

(ii) Rs. 2,50,000 or more, in one or more accounts (other than a current account) of a person.

Source: TRACES

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