What is Online Correction? TRACES has provided the functionality of “Online Correction” where deductor can perform correction of TDS return /TCS return online. Following are the various facilities available through online… Read more »
There are 6 types of corrections namely C1, C2, C3, C4, C5, C9. The following table briefly talks about each correction type: Type Corrections in: C1 Deductor details: All details… Read more »
Make sure taxes are deducted on time and at correct deduction rates /amount. The applicable section under which the deduction falls should be correctly applied. Tax needs to be deducted… Read more »
Important points to note related to ITNS-281 are as follows: 1. Company Deductee/Non-Company Deductee – Although this appears in the Challan format, however it has lost its relevance as now… Read more »
Steps for Preparing Correction Returns Request for TDS (Consolidated) file from TRACES Download requested TDS (Consolidated) file from TRACES Upload TDS (Consolidated) file for correction into the software. This file is password protected [Password: TAN_Request… Read more »
Let us first understand the provisions of section 220(1) relating to payment of tax as per demand notice. Then we will understand the provision for levy of interest in case… Read more »