There are 7 types of corrections namely C1, C2, C3, C4, C5, C9, Y. 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 return whereas for Type Y a separate return needs to be filed.|
PAN stands for Permanent Account Number. This is a 10 character alpha- numeric number used for the identification of the tax paying Indian Nationals. Example: AAECP6176D, AGUPG4076H.
The first five characters are alphabets, next four are numerals and the last character is alphabet. Following is important to understand.
The fourth character indicates the type of holder of the card as under:
A — Association of Persons (AOP)
B — Body of Individuals (BOI)
C — Company
F — Firm
G — Government
H — HUF (Hindu Undivided Family)
L — Local Authority
J — Artificial Juridical Person
P — Individual
T — Trust(AOP)
K — Krish (Trust Krish)
The fifth character is the first character of either the last name or surname of an individual or first character of the name of holder which could be Entity, Trust, Society or Organisation.
The last character is an alphabetic check digit.
Filing accurate TDS Returns on-time is the prime objective – whether done in-house or outsourced. Some of the key advantages do it in-house is summarized as under:
- All relevant data i.e. tax deductions and its payments is readily available
- It is simple to record this data and prepare the TDS Return for filing
- Convenient to double check for any data entry / careless errors
- Use software features like PAN Verification and Default Prediction to avoid potential Notices
- Complete grip on what is being filed – no external dependence
- Chances of delayed filing reduces
- Default Notices, if at all received, can be rectified swiftly