TDSMAN Blog

smart & easy software for eTDS & eTCS returns

Tag Archives: PAN

TDSMAN for financial year 2014-15 released

TDSMAN (F.Y.: 2014-15) has been released with more features for the convenience of its users for both Regular Returns & Correction Returns. The software will support F.Y. 2014-15 and previous years starting from 2007-08. You will be able to transfer all your data from the 2013- 14 version to 2014-15 version. The eTDS return for Q4 of 2013-14 may be filed from this new version.

TDSMAN is fully integrated with TRACES. One can request and download files from TRACES website through the software itself. 

What’s new in TDSMAN (FY: 2014-15)

  • Prediction of defaults
  • Auto Tax Calculation (For Salary & Non Salary)
  • Interest calculation
  • Download Bulk PAN from TRACES for minimizing PAN errors
  • Digitally Signed Form 16
  • Password protection option available

To view the complete features available in TDSMAN software, Click here

As usual with the patronage of its user base, TDSMAN would endeavour to lead from the front in responding to statutory changes and obligations as and when announced.

 

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PAN verification facility on TRACES website

CPC (TDS) has introduced the convenience of online facility of PAN verification on TRACES. With this feature, you will be able to validate the PANs with confidence for the purpose of recording and reporting your transactions in the TDS statements correctly.  
To avail the facility,  one should login to TRACES and navigate to “Dashboard” to locate “PAN verification” in the Quick Links menu. The functionality to download Consolidated TAN – PAN File has also been provided that includes all the PANs attached with the respective TANs.

TRACES-PAN-verification

Benefits of having this facility:  

  • Reporting of correct data has been made mandatory by CPC (TDS). Reporting of invalid PANs results into Short Deduction defaults in processed TDS statements.
  • Helps in generating correct TDS Certificates for the deductees.
  • The taxpayer is able to avail correct TDS credits in time. 

Additional functionalities available: 

To correct an invalid PAN reported earlier, a C5 Correction Statement is required to be filed. In addition, the PANs can also be corrected using the Online Correction facility. To avail the facility, one should login to TRACES and navigate to “Defaults” tab to locate “Request for Correction” from the drop-down menu. 
 
PAN Correction steps through Online Correction: 

Invalid to Valid PAN: The correct name of the Valid PAN will be displayed in “Name as per changed PAN”.

Valid to Valid PAN: If the new PAN entered is Invalid, a message is displayed in the “Action Status”. Please note that there is only one opportunity for a Valid to Valid PAN correction.

All the corrected rows can be viewed by clicking on “Show Edited Rows” on the screen.

Click on “Submit for Processing”, which will prompt to digitally sign the submission.

 

 

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Penalty for non furnishing of PAN in TDS statement

In case, the PAN Numbers are not furnished by the deductees, the respondent-assessee cannot be penalised under Section 272B. Section 139A also imposes the obligation on the deductees to furnish PAN Number to the deductor.

The Board in the letter dated 5-8-2008 vide No. 275/24/2007-IT(B) has clarified that penalty of  10,000/- under Section 272B is linked to the person, i.e., the deductor who is responsible to deduct TDS, and not to the number of defaults regarding the PAN quoted in the TDS return.

Therefore, regardless of the number of defaults in each return, maximum penalty of Rs. 10,000/- can be imposed on the deductor. – CIT(TDS) vs. DHTC Logistics Ltd. ITA 314 of 2013 Order dated 26-7-2013 (Delhi High Court).

In the case given above The assessing officer had imposed penalty of Rs.10,000/- in each case where PAN Number was not provided by the deductee. There were in all 30706 cases in which the PAN Number was missing or was incorrectly stated. The assessing officer, accordingly, imposed penalty of Rs.10,000/- in each case. Thus, penalty of Rs.30,70,60,000/- was imposed.

Board in the letter dated 5.8.2008 vide No.275/24/2007-IT(B) has clarified that penalty of Rs.10,000/- under Section 272B is linked to the person, i.e., the deductor who is responsible to deduct TDS, and not to the number of defaults regarding the PAN quoted in the TDS return. Therefore, regardless of the number of defaults in each return, maximum penalty of Rs.10,000/- can be imposed on the deductor.

Penalty cannot be imposed by calculating the number of defective entries in each return and by multiplying them with Rs.10,000/-.

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