Centralized Processing Cell (TDS) has started sending notices to those deductors who have paid 40 to 60% lesser TDS during the period from April 1 to October 15, 2015 as compared to the corresponding period in Financial Year 2014-15.
If as a deductor you have reasonable causes for less Deduction and less Payment of tax with respect to the abovementioned reduction. CPC TDS has released a “Self Declaration” feature on its web-portal TRACES with respect to Lower TDS deposited during a Quarter/s to facilitate the deductors to share the reasons for reduction in TDS deposited during the year or quarter compared to last year.
How to use the functionality:
The following provides a view of the final screen after submitting required details:
If any amount needs to be deducted and deposited, immediate action may be taken without any further delay to avoid Penal consequences and interest payment.Otherwise, you are requested to submit at your option the “Self-Declaration for Lower Deposit of TDS” as prescribed above.
(Compiled by Taxguru Team)