TRACES stands for TDS Reconciliation Analysis and Correction Enabling System and has been set up by TDS Centralised Processing Cell of the income-tax department. TRACES will integrate the following components:… Read more »
Every deductor is required to obtain a unique identification number called TAN (Tax Deduction Account Number) which is a ten digit alpha numeric number. This number has to be quoted… Read more »
Structure of the new series of PAN : The Permanent Account Number under new series is based on following constant permanent parameters of a taxpayer and uses Phonetic Soundex code algorithm… Read more »
Non reflection of TDS on bank FD or term deposit in 26AS statement is very common problem these days. The reason for this problem is very simple the bank is… Read more »
Every person who is required to deduct or collect tax at source on any of the specified payments, needs to apply for allotment of Tax Dedication and Collection Account Number… Read more »
TDS credit to be allowed if difference between the TDS claim and matching TDS amount reported in AS-26 data does not exceed Rs. One lac. Section 143 of the Income-tax… Read more »