e-TDS/e-TCS return in accordance with the file formats is to be prepared in clean text ASCII format with ‘txt’ as filename extension. e-TDS/e-TCS return can be prepared using Return Preparation Utility provided by NSDL or any other third party software
Step – III
Once the file has been prepared as per the file format, it should be verified using the File Validation Utility (FVU) provided by NSDL
Step – IV
In case the file has any errors the FVU will give a report of the errors. Rectify the errors and verify the file again through the FVU.
Step – V
Generated .fvu file can be submitted at TIN-FC or uploaded at http://incometaxindiaefiling.gov.in/ website. The link below takes you to a user manual which guides you to Upload the return.
Effective from 1st June 2017, individuals & HUF not covered under tax audit have been subjected to deduct tax at source for rent payments if it is Rs. 50,000 or more per month.
Applicable only to individuals & HUF who are not under tax audit (under section 44AB)
This section is applicable from 1st June 2017
Tax Account Number (TAN) not required for the deductor
Applicable to monthly Rent of Rs. 50,000/- or above
TDS @ 5% if rent receiver is holding PAN, or otherwise TDS would be @ 20%
Deduction of Tax is to done in the last month of previous year (i.e. March) or in the month when the premises is vacated
Deposit to be made within 30 days from the end of month when tax was deducted. As an illustration, if deduction was in March, it should be deposited by 30th April or if deduction was in December, it should be deposited by 30th January
The deducted tax is to be deposited in the newly introduced Form No. 26QC through electronic means to one of the authorized banks
TDS Certificate (Form 16C) downloaded from TRACES is to be issued
There are 6 types of corrections namely C1, C2, C3, C4, C5, C9. The following table briefly talks about each correction type:
Deductor details: All details of deductor except the TAN No. can be modified.
Challan details: All details of the challan can be modified. C2 can include C1 type correction
Deductee details: All details except the PAN number of the Deductee can be modified. One may add/delete/modify a deductee in the existing challan.
Salary Details: This type of correction is only applicable to correction of 4th Quarter statement of Form 24Q. All the details of the salary can be modified here except the PAN number of the employee. Here there is no provision of updating the record, a record has to be deleted and a new record has to be added with updated details.
PAN: In this type of correction deductee PAN is updated. When Pan is updated for Salary record the same will also get updated in the deduction record. PAN has to be updated quarterwise i.e a separate correction return needs to be filed for each quarter where the PAN number is mentioned incorrectly.
Addition of new Challans and/or Deductions: Any new addition of Challan and/or deductions forms Correction type C9. When a deduction is added with Tax amount zero then automatically a NIL challan is generated
It may be noted the C1,C2, C3,C4,C5 and C9 type of correction may be made in the same single correction.