TDS/TCS Compliance for 4th Quarter of FY: 2016-17 has been given below:
Last date for filing of TDS returns for Q4 of FY:2016-17 – 31st May, 2017
Last date for issuance of TDS certificates for Q4 of FY:2016-17 – 15th June, 2017
Last date for issuance of TCS certificates for Q4 of FY:2016-17 – 30th May, 2017
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.
Use TDSMAN Software to simplify your TDS Returns preparation and effectively handle defaults and corrections.
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.
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.
The last date of filing TDS returns for the fourth quarter of FY 2016-17 falls due on 31st May, 2017. It is very important to file returns on time because late filing of TDS returns not only delays TDS Credits to the deductees but also attracts late filing fees and penalties.
Non filling / late filling of TDS return shall invite two penal provisions:
- Fee for late filling as per section 234E
- Penalty for late filling or non filling of TDS statement as per section 271H
Section 234E-Levy of Fees
- 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.
- Deductor has to pay a penalty ranging from minimum of Rs. 10,000/- to One Lac rupees,
- If deductor exceeds one year time limit to File TDS Statement.
- If deductor furnishes incorrect details like PAN, TDS Amount, Payment of Challan etc.
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
New Delhi, 11th May, 2017.
Income Tax Department simplifies linking PAN with Aadhaar
The Income Tax Department has made it easy for taxpayers to link their PAN with Aadhaar. Responding to grievances of taxpayers regarding difficulties in linking PAN with Aadhaar their names did not match in both systems (Eg. Names with initials in one and expanded initials in another). the Department has come out with a simple solution now.
Taxpayers can go to www.incometaxindiaefiling.gov.in and click on the link on the left pane-> Link Aadhaar, provide PAN, Aadhaar no. and ENTER NAME EXACTLY AS GIVEN IN AADHAAR CARD (avoid spelling mistakes) and submit. After verification from UIDAI, the linking will be confirmed.
In case of any minor mismatch in Aadhaar name provided by taxpayer when compared to the actual data in Aadhaar, One Time Password (Aadhaar OTP) will be sent to the mobile registered with Aadhaar. Taxpayers should ensure that the date of birth and gender in PAN and Aadhaar are exactly same. In a rare case where Aadhaar name is completely different from name in PAN, then the linking will fail and taxpayer will be prompted to change the name in either Aadhaar or in PAN database.
There is no need to login or be registered on E-filing website. This facility can be used by anyone to link their Aadhaar with PAN.
This facility is also available after login on the e-filing website under Profile settings and choose Aadhaar linking. The details as per PAN will be pre-populated. Enter Aadhaar no. and ENTER NAME EXACTLY AS GIVEN IN AADHAAR CARD (avoid spelling mistakes) and submit.
Taxpayers are requested to use the simplified process to complete the linking of Aadhaar with PAN immediately. This will be useful for E-Verification of Income Tax returns using OTP sent to their mobile registered with Aadhaar.
(Meenakshi J Goswami)
CIT (Media & Technical Policy)
Official Spokesperson, CBDT.
Source: Income Tax