CA Amresh Vashisht
In a recent concluded ICAI National Committee of the Direct Taxes under the Chairmanship of CA Sanjay Agrawal , a new TDS system has been taken up for the discussion and in the presence of CBDT member, It has been resolved that the Government shall issue a circular to that effect. It will take a month for issuing a circular and after new arrangements, it seems, there shall not be any TDS problems.
Under the new scheme Form 16/16A shall not be issued manually. A deductor shall download Form No. 16/16 A from the online system. The generation of firm 16/16A shall be based on the Form 26Q submitted by the Deductor. The tax credit shall be directly linked to the submission of TDS Returns. Every 16 /16A Form shall also have a unique Number and that number shall be used by the assessees for filling their returns.
So when the Form 16 /16A shall be issued online there shall not be any difference in claiming & depositing the TDS. Moreover the activity shall be quarter to quarter basis so there is a scope to rectify the mistakes in the next quarter except the last one.
NSDL has agreed to it and hopefully when implemented shall be a relief to crores of Assessees.
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As per one’s undestanding, the proposal, when implemented,should eliminate the presently faced problems/irritants on account of defects / deficiencies in the data as uploaded in 26AS online with NSDL.
Incidentally, according to excuse given by a bank to its customer,IT HAS NOT BEEN ABLE TO RECTIFY CERTAIN ERRORS AND UPDATE THE DATA IN THE 26AS, AS NSDL HAS FAILED TO PROVIDE PROMPTLY SOME SPECIALLLY REQUIRED SOFTWARE REQUESTED FOR. IF THAT BE TRUE, THEN IT IS FOR NSDL TO ACT IN SUCH OR SIMILAR MATTERS WITHIN ITS CONTROL AS EFFICENTLY AND EXPEDITIOUSLY AS POSSIBLE, SO THAT THE DEUCTEES ARE SAVED FROM THE HASSLE OTHERWISE THEY ARE OBLIGED TO FACE, THOUGH FOR NO FAULT OF THEM.
vswami
A very good initiative taken by icai under the chaimanship of CA.Sanjay Agarwal.
for down load the TDS certificate on line.
CA.S.C.Podder
03/05/2011.