For many applications on the TRACES website, deductor is required to provide KYC Validation. KYC Validation refers to three main details to be provided by the user to gain access to facilities such as downloading a justification report, filing an online correction in TRACES, download of Form 16A and so on. The three parts of details asked for KYC validation are the token receipt number of the regular statement of the relevant quarter and financial year, challan details of that statement and three unique PAN-Amount Combinations corresponding to the entered challan details. Even if any one of the details in any of the parts are not provided or are entered wrong, we will not be able to proceed with our course of action.
However, many a times organisations do face practical difficulties in not being able to provide the above details as it may not be readily available and it is very cumbersome to give details individually for all quarters and financial years.
In this article, I am going to discuss about the facility provided by TRACES where with the help of Digital signature the user can submit the KYC only once and gain access to all downloads, update profile and submit online correction.
The pre-requisite for the use of this facility is that the digital signature of the user should be registered on TRACES and the DSC should be installed in the browser or the e-Mudhra Dongle/hard token should be plugged in.
STEP BY STEP PROCESS
Many a times, I have come across situations in my practical work where providing of KYC details is either too time consuming or the data to provide the same is not available due to many unavoidable reasons. The facility of Digital Signature has helped me overcome such practical difficulties. In the next part of my article, I shall discuss about the procedure on how organisations can themselves upload the TDS statements without the need to visit the TIN Facilitation Centre, again pre-requisite being DSC.
Do you think CBDT should extend Tax Audit Report and relevant ITR Due Date? Please Comment, Vote, Retweet and Like.— Tax Guru (@taxguru_in) September 18, 2018