As the due date of filing of quarterly TDS statement is approaching fast i.e on 31st July, 2020, you are advised to file TDS statement well before due date for Non Government & Government deductors. You are requested to make note of the following facts before filing the quarterly TDS statement:
1. Correct Reporting: Cancellation of TDS statement and deductee row is no longer permissible. Accordingly, it is very important to report correct and valid particulars (TAN of the deductor, Category (Government/Non Government) of the deductor, PAN of the deductees and other particulars of deduction of tax) in the quarterly TDS statement.
2. Quote correct and valid lower rate TDS certificate in TDS statement wherever the TDS has been deducted at lower/zero rate on the basis of certificate issued by the Assessing Officer
3. Last provisional receipt number to be quoted in regular TDS/TCS statements: While filing new regular (original) TDS statement, it is mandatory to quote the last accepted provisional receipt number of the regular quarterly TDS/TCS statement of any form type
4. TDS statement can not be filed without quoting any valid challan and deductee row.
5. Late filing fee, being statutory in nature, can not be waived.
6. Download the PAN master from TRACES and use the same to file new statement to avoid quoting of incorrect and invalid PAN.
7. Validate PAN and name of the fresh deductees from TRACES site before quoting it in TDS statement
8. Download TDS certificate (Form16A) from TRACES (www.tdscpc.gov.in) bearing unique TDS certificate number and issue to the taxpayers within due date
9. File correction statements promptly in case of incomplete and incorrect reporting.
10. Download the justification report to know the details of TDS defaults, if any, on processing of TDS statement
11. Do view your Dashboard regularly to know about your TDS performance.
12. Government deductors should obtain BIN (Book Identification Number) from their Accounts Officer (AIN holder) in time and quote the same correctly in TDS statement.
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(Republished with Amendments by Team Taxguru)