TRACES (TDS Reconciliation Analysis and Correction Enabling System) is an online platform provided by the Income Tax Department of India. It facilitates the following services primarily related to Tax Deducted at Source (TDS) and Tax Collected at Source (TCS):
- TDS/TCS Return Filing: Enables deductors and collectors to file their TDS and TCS returns electronically (Form 24Q, 26Q, 27Q, etc.).
- Correction of Returns: Allows users to make corrections to previously filed TDS/TCS returns. View challan status and utilisation.
- Form 16/16A/27D: Facilitates the generation and download of TDS certificates for employees (Form 16) and non-salaried deductees (Form 16A).
- Justification Reports: Helps users understand mismatches and defaults detected in TDS/TCS returns, aiding in rectification.
- View and Download Form 26AS: Provides a consolidated annual tax statement that includes details of tax deducted/collected on behalf of the taxpayer.
How does it help deductors be TDS compliant?
- The ‘Deductor Dashboard’ informs about TDS performance (statement status, challan status, default payable, deductor compliance profile).
- The ‘TDS CPC Communications’ on TRACES homepage gives access to the communications sent CPC (TDS)
- It is possible to make online and offline TDS statement corrections directly on TRACES. The TDS certificates, Transaction Based Report (TBR) for non-PAN deductees reported in Form 27Q, consolidated file, justification report, TAN-PAN consolidated file can also be downloaded on the site.
- Aggregated TDS Compliance Report is a consolidated default summary of all TANs corresponding to a PAN in case of corporates/banks (available in taxpayer login on TRACES).
- The site also has e-tutorials, FAQs, circulars and notifications and CPC (TDS) communications.
- Deductor can also make Grievance Module Request for Resolutions on TRACES.
TDSMAN is substantially integrated with TRACES to provide a seamless experience in TDS / TCS compliance.
ITS REALLY HELPFUL FOR ME.