DOs FOR TDS DEPOSIT AND TDS STATEMENT FILING:

1. Deposit TDS and file statement before due dates to avoid last moment hustle and late payment of Interest and Late Filing Fee Respectively. Note, the due date for filing Form 24Q for Q4 of FY 2019-20 is 31st July, 2020

2. Always double check TAN and AY while depositing challan

Tax Deducted at sources

3. Be careful to:

  • Quote correct PAN/Aadhaar of Deductee
  • Quote correct CIN/BIN in TDS statement
  • Enter correct receipt number of TDS statement filed
  • Report correct data in Annexure II of Form 24Q

4. Issue of Form 16 (TDS Certificate) to Deductee:

  • Download and generate the Form 16 from the TRACES portal only
  • Form 16 (for FY 2019-20) must be issued on or before 15th August 2020
  • If employee has had multiple Employer(s) during a FY:
    • Every employer will issue a separate Part A of Form 16, for the period of employment
    • The issue of Part B of Form 16 may be done by both employers or only the current one, as per choice of employee
  • Download latest quarterly TDS statement utilities (RPU & FYU) from the TIN-NSDL website for preparation of TDS statement

DOs FOR AVOIDING TDS DEMAND CREATION AND FACILITATING DEMAND CLOSURE:

1. Always verify challan details at TRACES website before reporting the same in the TDS statement, to avoid short payment demand due to challan mismatch

2. If demand is present in 24Q and challan is paid against the same, deductor must file correction in both Annexure I and Annexure II

3. Always raise correct flag in Deductee rows as per reason for higher/lower/no deduction of TDS

4. Regularly check the demand reflecting on TRACES login and take necessary action for closure of demand

DOs WHILE SEEKING HELP FROM TRACES:

1. For guidance, go through the e-tutorials and FAQs published on TRACES website, if the problem still persists, contact helpdesk at 1800-103-0344 or 0120 4814600 contactus@tdscpc.gov.in or raise a grievance on “REQUEST FOR RESOLUTION” (Ticket)

2. Always mention complete query with FY, form type and quarter details while creating Tickets and mailing the grievance

3. Always provide contact number of the concerned person who is creating the Ticket

4. If grievance is regarding error in online correction/digital signature, then please attach complete error screenshot for further analysis

SOME DON’Ts:

1. Don’t share username or password of TRACES website with any unauthorized person

2. Don’t report PAN details in TDS statement without getting copy of PAN card

3. Don’t round-off the TDS amount at Individual Deductee level, as the rounding off is done by TDS-CPC System at a statement level

4. Don’t report savings, deductions and rebates without taking proof of same from Employees

EXTENSION OF DUE DATES FOR TDS/TCS RELATED COMPLIANCE’S:

Nature of Compliance’s

Original

New

FILING OF TDS/TCS STATEMENT:
Form 24Q, 26Q, 27Q and 27EQ of Q4 of FY 2019-20 31-05-2020 31-07-2020
Form 24Q, 26Q, 27Q and 27EQ of Q1 and Q2 of FY 2020-21 As per Rule 31A/31AA 31-03-2021
Form 26QB, QC and 26QD of February, 2020 30-03-2020 31-07-2020
Form 26QB, QC and 26QD of March, 2020 30-04-2020 31-07-2020
Form 26QB, QC and 26QD of April-Nov 2020 30 days from end of month in which tax is deducted 31-03-2021
ISSUE OF TDS/TCS CERTIFICATES:
Form 16 for TDS on salary during FY 2019-20 15-06-2020 15-08-2020
Form 16A for TDS on income other than salary for Q4 of FY 2019-20 15-06-2020 15-08-2020
TCS certificate for Q4 of FY 2019-20 30-05-2020 15-08-2020

Note: Above table is intended for general guidance only. For details please refer to CBDT’s notification No. 35/2020, dated 24th June 2020

Disclaimer: This article or blog or post (by whatever name) is based on the writer’s personal views. The writer does not accept any liabilities for any loss or damage of any kind arising out of information and for any actions taken in reliance thereon. This article has been published for knowledge sharing purpose only.

The author is a practicing Chartered Accountant with an overall 20 years’ experience in both Industry as well as an independent practice and can also  be reached at cacafe4you@gmail.com.

Source: Income Tax Department

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One Comment

  1. Sunil Sharma says:

    TDS returns can be filed only after 3 days of depositing tax, otherwise challan details & its corresponding file is not available on TRACES site. So those who deposit tax on the last day of limitation, will have to pay 3 days late fees 🤔🤔

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