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Smart & Easy TDS Software for Preparing TDS Returns

TDSMAN Blog - Smart & Easy TDS Software for Preparing TDS Returns

CPC(TDS) Advisory for Deposit of Tax deducted and Demand for TDS Defaults with respect to Purchase of Immovable Property

CPC(TDS) has issued an advisory for deposit of tax deducted and demand for TDS defaults with respect to purchase of immovable property (26QB Statement-cum-challan).

The issued advisory has been given below:

The Centralized Processing Cell (TDS) provides important tips, for the convenience of Taxpayers, who have executed any transaction for Purchase of Immovable Property exceeding Rs. 50 Lakhs (Rupees Fifty Lakhs). Please take note of the following key details for Payments associated with filing of 26QB Statements-cum-challan and TDS Defaults, if any:

Filing of 26QB Statement-cum-Challan:

1. 26QB Statement-cum-challan can be filed (along with payment of tax), under “Form 26QB” in “TDS on Sale of Property”on the payment portal of NSDL.

Filing of 26QB Statement-cum-Challan

2. The tax to be deposited only through the Statement-cum-Challan mode (Form 26QB). No other challan, viz. Demand Payment, 280/ 281 etc. to be used for the same.

Payment against TDS Defaults:

1. On receipt of Default Intimations from CPC(TDS), the Payment against demand raised should be made through the Demand Payment link at NSDL portal, as follows:

Payment against TDS Defaults

2. The payment of Demand for closure of Defaults has to be made only through the above online mode. No other challan, viz. 280/ 281 etc. should be used for payment of demand.

CPC (TDS) is committed to provide best possible services to you.

CPC (TDS) TEAM

Source: TRACES

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Basic principles of TDS Compliance

The following are the basic principles of TDS compliance:

  1. Deduction/ Collection of Tax at Correct Rates
  2. Timely Deposit of Tax Deducted at Source
  3. Accurate Reporting of data related to tax deductions/ collections made
  4. Submission of TDS return within the due dates
  5. Verification and Issuance of TDS Certificates within time
  6. CPC (TDS) is now sending “Intermediate Default Communication” for PAN Errors and Short Payments, which can be corrected during the interim period of a week of etds filing, before CPC (TDS) proceeds with computing Defaults for the relevant statement.
  7. User-friendly Online Correction facility can be used for Correction of Deductees, Tagging Unmatched Challans and Payment of Fees/ Interest. (Please navigate to Defaults tab to locate Request for Correction from the drop-down menu. For any assistance, please refer to the e-tutorial available on TRACES).
  8. Aggregated TDS Compliance Report assists the PAN of the Deductor to administer TDS Defaults for associated TANs and to take appropriate action
  9. The Deductor’s Dashboard provides you all necessary information to assist you in “Compliance Self-Assessment” and to take appropriate action.
  10. Non-filing Self-declaration can be made by navigating to Statements / Payments menu and submit details under Declaration for Non-Filing of Statements.
  11. PAN Verification and Consolidated TAN – PAN File facility on TRACES can be used for verifying the deductees.
  12. The Conso Files and Justification Reports downloaded from TRACES help you to identify errors in submission of revised Quarterly TDS Statements.
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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 return 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 return 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 TDS 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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