TDSMAN Blog

smart & easy software for eTDS & eTCS returns

Points to remember before filing the quarterly TDS statement

Given below are the points one should remember before filing quarterly TDS statement:
  • Correct Reporting: Cancellation of TDS statement and deductee row is no longer permissible. Accordingly, it is very important to report correct and valid particulars (TAN of the deductor, Category (Government / Non-Government) of the deductor, PAN of the deductees and other particulars of deduction of tax) in the quarterly TDS statement
  • Quote correct and valid lower rate TDS certificate in TDS statement wherever the TDS has been deducted at lower / zero rate on the basis of certificate issued by the Assessing Officer
  • Last provisional receipt number to be quoted in regular TDS / TCS statements: While filing new regular (original) TDS statement, it is mandatory to quote the last accepted provisional receipt number of the regular quarterly TDS / TCS statement of any form type
  • TDS statement cannot be filed without quoting any valid challan and deductee row
  • Late filing fee, being statutory in nature, cannot be waived
  • Download PAN Master from TRACES and use the same to file new statement to avoid quoting of incorrect and invalid PAN
  • Validate PAN and name of fresh deductees from TRACES before quoting it in TDS statement
  • Download TDS certificate (Form16A) from TRACES (http://www.tdscpc.gov.in) bearing unique TDS certificate number and issue to the taxpayers within due date
  • File correction statements promptly in case of incomplete and incorrect reporting
  • Download the justification report to know the details of TDS defaults, if any, on processing of TDS statement
  • Do view your Dashboard regularly to know about your TDS performance
  • Government deductors should obtain BIN (Book Identification Number) from their Accounts Officer (AIN holder) in time and quote the same correctly in TDS statement
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TDS/TCS Compliances May 2014

1. Last date for payment of tax deductions/collections for April – 7th May 2014
2. Last date of filing of TDS/TCS returns for Q4 of F.Y. 2013-14  – 15th May, 2014
3. Last date for issuance of the TDS/TCS certificates for Q4 – 30th May, 2014
* The above is applicable for deductors other than the Office of the Government.

 

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Registration on TRACES and downloading of TDS Certificates mandatory

As per the records of Centralized Processing Cell (TDS), the TDS Statements have been filed by many deductors for different quarters. However, many of them have not yet registered on TRACES (https://www.tdscpc.gov.in). In this regard, your attention is invited to the CBDT circulars 04/2013 dated 17.04.2013, No. 03/2011 dated 13.05.2011 and No. 01/2012 dated 09.04.2012 on the Issuance of certificate for Tax Deducted at Source in Form 16 / 16A as per IT Rules, 1962. It is now mandatory for all deductors to issue TDS certificates after generating and downloading the same from ‘TDS Reconciliation Analysis and Correction Enabling System’ or (https://www.tdscpc.gov.in) (hereinafter called TRACES).

    In view of above circulars, it may kindly be noted that only the TDS Certificates downloaded from TRACES will be valid. Certificates issued in any other form or manner will not comply to the requirements referred in the Income Tax Act, 1961 read with relevant Rules and Circulars issued in this behalf from time to time

    In addition to the facility to download TDS Certificates bearing unique TDS certificate number, the portal provides other facilities, some of which are as under:

  •         View of Deductor Dashboard to know about your TDS performance
  •         PAN Verification
  •         View of Challan status
  •         View of Statement Status
  •         Download of Consolidated TAN-PAN File for submitting ‘Correction  Statements’ in case of incomplete and incorrect reporting
  •         Download of Justification Report to know the details of ‘TDS defaults’, if any, on processing of TDS statements 

The above facilities including downloading of the TDS Certificates can be availed only by registering yourself with TRACES. You are accordingly requested to register immediately on TRACES

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