Special Discount on TDSMAN (FY: 2020-21)

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On popular demand, we are pleased to announce the release of TDSMAN (FY: 2020-21). Now you can prepare TDS Returns for Q4 of FY: 2019-20 and all quarters of the next FY: 2020-21:

It covers:

✔  All TDS Returns for FY: 2020-21
✔  All TDS Returns for FY: 2019-20
✔  Pending TDS Returns of earlier years, if any
✔  Online Filing
✔  Rectification of TDS Defaults

TDSMAN is packaged with advanced corrective and validation features that help you prepare zero error TDS Returns. Visit www.tdsman.com for more information.

Click Here to download the Trial Version of TDSMAN (FY: 2020-21) for your evaluation.

Click Here to place your Order online.

10% DISCOUNT ON TDSMAN (FY: 2020-21)
Standard Edition
Regular Price:
Rs. 4,200 + GST @ 18%
Offer Price:
Rs. 3,780+ GST @ 18%
Professional Edition
Regular Price:
Rs. 8,400 + GST @ 18%
Offer Price:
Rs. 7,560+ GST @ 18%
Use Promo Code: MAR20
ORDER NOW
(Offer Valid till 31st March 2020)

 

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TDS/TCS Return – Online Filing

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Steps for filing TDS/ TCS Return online:

Step – I

The data structure (file format) in which the e-TDS / e-TCS return is to be prepared has been notified in https://www.tin-nsdl.com/services/etds-etcs/etds-rpu.html

Step – II

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.

Click here to view TDS Return Upload/View – User Manual.

For Online upload of TDS/TCS Return, registration of organisation at http://incometaxindiaefiling.gov.in/ is mandatory

Click here​ to Online File the TDS/TCS Return

 

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Section 194IB – TDS on Rent (for Individuals & HUF)

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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.

Salient features:

  • 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

Relevant resources:

Section 194IB

Notification dated 8th June 2017 with formats of Form No. 26QC & Form No. 16C

What is form26QC?

What is form 16C?

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Types of Corrections in TDS Returns

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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 of deductor except the TAN No. can be modified.
C2 Challan details: All details of the challan can be modified. C2 can include C1 type correction
C3 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.
C4 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.
C5 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.
C9 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.

Steps for Preparing Correction Returns
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