Category: Traces

Impact of late filing of Income Tax Return and issue related to due date

1. Interest u/s 234A: If there is tax due after deducting advance tax, TDS and self assessment tax then interest will be applicable @1% per month and part thereof up… Read more »

Generation of excel sheet from the Justification report downloaded from TRACES

To generate the excel sheet from the Justification report downloaded from TRACES, follow the steps given below: 1. To generate the justification report excel sheet, download the TRACES-Justification-Report-Generation-Utility-V1.0 from the… Read more »

Evaluate your TDS defaults using Justification report downloaded from TRACES

After the submission of your TDS return you have the option to evaluate your return by downloading the Justification report from the TRACES website. This report lists out the following… Read more »

Correction Statements cannot be prepared for F.Y. 2013-14 using FVU 3.8

The newly released FVU version 3.8 (w.e.f 01/07/2013) by NSDL cannot be used for preparing Correction Statements for F.Y. 2013-14. Therefore, it is more likely to believe that new version… Read more »