Healthy practices for error-free TDS returns has been given below:
- Deduction/ Collection of Tax at Correct Rates.
- Timely Deposit of Tax Deducted at Source.
- Accurate Reporting of data related to tax deductions/ collections made.
- Submission of TDS Statements within the due dates.
- Verification and Issuance of TDS Certificates within time.
- 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 filing TDS Statements before CPC (TDS) proceeds with computing Defaults for the relevant statement.
- 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).
- Aggregated TDS Compliance Report assists the PAN of the Deductor to administer TDS Defaults for associated TANs and to take appropriate action.
- The Deductor’s Dashboard provides you with all necessary information to assist you in Compliance Self-Assessment and to take appropriate action.
- Non-filing Self-declaration can be made by navigating to Statements / Payments menu and submit details under Declaration for Non-Filing of Statements.
- PAN Verification and Consolidated TAN – PAN File facility on TRACES can be used for verifying the deductees.
- The Conso Files and Justification Reports downloaded from TRACES help you to identify errors in submission of revised Quarterly TDS Statements.