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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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Finance Minister to launch enhanced single window website for taxpayers

Finance Minister Arun Jaitley will launch an updated version of the existing website of Income Tax Department today to enable taxpayers to file easily their IT returns or apply for a PAN card.

The updated version of the existing website of the Income Tax department– www.incometaxindia.gov.in– will now be acting as a single window for all activities and online services offered by the IT department.

The website will be more user-friendly and robust, so that it can handle many hits at a time.

The website will also allow taxpayers to know about the IT Act, various notices and circulars being issued from time to time and regular developments in the department.

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Important steps/procedures with respect to payment of taxes

Taxpayers, deductors or collectors can pay direct taxes through Authorised Bank branches either physically, through ATM or through internet.

Type of Challans to be used for tax payments

Challan Description
ITNS 280 For depositing Advance tax, Self Assessment tax, Tax on Regular Assessment, Surtax, Tax on Distributed Profits of Domestic Company and Tax on Distributed income to unit holders.
ITNS 281 For depositing TDS/TCS by company or non company deductee
ITNS 282 For depositing Securities transaction tax, Estate duty, Wealth-tax, Gift-tax, Interest-tax, Expenditure/other tax and Hotel Receipt tax
ITNS 283 For depositing banking cash Transaction Tax and FBT

 Do’s

1. Mandatory details required to be filled in challan

a) PAN/ TAN

b) Name and address of the taxpayer (for physical challans)

c) Assessment Year

d) Major Head, Minor Head

e) Type of payment

2.  Use challan type 281 for deposit of TDS/TCS payments.

a) Quote the correct TAN, name & address of the deductor on each challan

b) Verify your TAN details from Income Tax Department web-site (www.incometaxindia.gov.in) prior to depositing TDS/TCS.

c)  Use separate challans to deposit tax deducted under each section and indicate the correct nature of payment code in the relevant column in the challan.

d) Use separate challans to deposit tax deducted for different types of deductees.

3. For Non TDS/TCS payments use challan types 281/282/283 as applicable.

a) Quote the correct PAN, name & address on each challan used for depositing the tax.

4. Mention/verify the correct Financial Year and Assessment Year in the challan before tax payment.

5. Payment confirmation: – Ensure that the Challan Identification Number (CIN) has been provided on the counterfoil issued after successful payment of tax. Challan Identification Number (CIN) comprises of the following:

a) Seven digit BSR code of the bank branch where tax is deposited

b) Date of Deposit (DD/MM/YY) of tax

c) Serial Number of Challan

6. Verify the tax payment information submitted to the bank.

a) Details available on the TIN website www.tin-nsdl.com under the link “Challan Status Inquiry”

b) In case the details are not available then you may contact the bank branch where the tax has been deposited.

7. In case the counterfoil issued by the bank has been misplaced, kindly contact the respective bank/branch for details regarding the same

8. Rectification/Correction in the Challan:- For rectifying errors in a physical challan, taxpayer may approach the Bank. Prescribed timelines for the same are as per table below:

Sr. No. Type of correction on challan Period for correction request (in days)
1 PAN/TAN Within 7 days from challan deposit day
2 Assessment Year Within 7 days from challan deposit day
3 Total Amount Within 7 days from challan deposit day
4 Major Head Within 3 months from challan deposit day
5 Minor Head Within 3 months from challan deposit day
6 Nature of payment Within 3 months from challan deposit day

 Click here for more details.

9. Please visit TIN website www.tin-nsdl.com for details on preparation and furnishing TDS/TCS statements.

Don’t

1. Do not use incorrect type of challan for payment of taxes.

2. Do not make mistake in quoting PAN / TAN.

3. Do not give PAN in place of TAN or vice versa.

4. Do not use a single challan to deposit tax deducted for corporate and non corporate deductees.

5. Do not use same challan for depositing various types of tax like advance tax, self-assessment tax etc.

6. Do not make mistake in the F.Y. and A.Y. to be indicated in the challan.

7. If you have multiple TANs for the same division filing TDS statements, do not use different TANs in different challans. Use one TAN consistently and surrender the others.

Source: Tin-nsdl

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FAQ about Conso File

1. What is a conso file?

It is the consolidated data of the statements processed (regular & correction) for the relevant Financial Year, Quarter and Form Type.

2. Why is a conso file required?

While filing correction for a particular Financial Year, Quarter and Form Type, conso file provides details about all the previous corrections made in the relevant statement. This file gets updated each time a correction is filed for the particular Financial Year, Quarter and Form Type. Hence, each time a correction statement is to be filed for the given combination, a fresh conso file is required.

3. From which year is conso file available on TRACES?

Conso file is available on TRACES from FY 2007-08.

4. What would be the file extension for the consolidated file?

The file extension would be in “.tds” format.

5. How can I download conso file?

Login to TRACES as deductor and submit download request for the conso file under ‘Request for Conso File’ in ‘Statements / Payments’ tab. File will be available under ‘Requested Downloads’ in ‘Downloads’ tab.

6. Is it mandatory to download a conso file while filing correction statement?

Yes. It is mandatory, as it enables accuracy during correction filing.

7. What is the password for opening Conso file?

The password for opening Conso file will be your TAN_Request Number in capital letters.

8. I want to submit request to download the conso file, will system allow me to pass through validation screen without any challan and deductee detail?

Yes, you can download the conso file even if you have zero challan detail and no deductee record for the statement.

9. I have filed a paper return, and want to download the consolidated file for the same on TRACES. How should I proceed?

Conso file will not be available in case of paper return. Refer e–Tutorials for more details.

10. While entering validation details for submitting request to download conso file, I have entered details correctly in Part 1 and Part 2 of the validation screen, yet it shows error as ‘Invalid Details’ in Part 1 or Part 2. What should I do?

Details to be filled in validation screen should be exactly the same as reported in the TDS statement. If you have filed any correction statement, Token Number and other details should be as per the latest correction statement.

11. While entering validation details for submitting request to download conso file, I am getting an error, ‘More than one PAN in the challan’. What should I do?

In such case, CIN of that challan should be entered which has been claimed for at least two, three or more PANs.

12. While entering validation details for submitting request to download conso file, I am getting an error, ‘Invalid Token Number’. How do I rectify the error?

Enter Token Number for latest accepted statement (regular or correction) for the statement for which conso file is being requested.

13. While submitting request to download conso file, I am getting an error message that request has failed. What should I do?

In such cases, request for downloading conso file needs to be resubmitted.

Source: TRACES

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