TRACES

Form 26AS with respect to TDS: Knowhow

Income Tax - Form 26AS is, in essence, an acknowledgement of sorts when it comes to Tax Deducted at Source (TDS). Which is to say that Form 26AS shows the amount of TDS, which has been deducted and is available as credit against our Income Tax liability, if any. To understand this concept and in order to make it work in ones favour, one needs to under...

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Guidelines for Income Tax Deductees- ensure you have correct tax credit!

Income Tax - Tax deductee is a person who receives certain prescribed payments like salary, interest, commission, brokerage, rent etc. after deduction of tax at source...

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e-File Your TDS Statement by 31st January, 2018

Income Tax - Delay in filing of TDS statement shall entail levy of fee of Rs. 200/- for each of default not exceeding amount of tax deductible ...

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How to open password protected files of Income Tax and TDS

Income Tax - Article explains the password combination for Opening ITR-V/Acknowledgement, Form 26AS, Any Intimation/Order and TDS Provisional Receipt/Acknowledgement and for extracting TDS Justification Report, Conso File, TDS Certificates ZIP File and 26AS ZIP File....

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File Your TDS Statement by 31st January 2017

Income Tax - FILE: e-fiie TDS statement for the quarter ended on 31st December 2016 by 31st January 2017. Delay in filing of TDS statement shall entail levy of fee of Rs. 200/- for each day of default not exceeding amount of tax deductible. ISSUE : TDS Certificate  In Form 16A on Income other then salary for the […]...

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Develop system to issue Lower deduction certificate u/s 197 through TRACES Site: ICAI

Income Tax - TDS CPC has been one of the successful projects of the Government for online tracking of the Tax deducted, deposited, corrections and reconciliations....

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Validate Sec. 197 certificate at TRACES before filing TDS/TCS return

Income Tax - Advisory for Deductors 1. Deductors deduct tax at lower rate on payment/credit to deductee on production of certificate duly issued by assessing officers under section 197. Deductors quote such certificate number in quarterly TDS statement. Instances of huge default of ‘Short Deduction’ have been observed due to wrong quoting of 197 c...

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CPC-TDS- Processing of TDS/ TCS statements may take 7 to 10 working days

Income Tax - CPC-TDS has informed on its website that Considering peak statement filing time, processing of TDS/ TCS statements might take 7 to 10 working days from date of filing. 90% of the statements filed till 15th Oct 2014 have been processed for 26AS....

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Traces enables Online Correction functionality with enhanced features without Digital Signature

Income Tax - Attention Deductors: The Online Correction functionality with enhanced features has been enabled “without Digital Signature” for Financial Year 2012-13 onwards. Digital Signature will be required only for PAN Corrections Tag/Replace Challan has been enabled on TRACES Details of manual and processed demands based on financial y...

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TDS – Online Corrections facility currently live only with Digital Signatures

Income Tax - Attention Deductors: The Online Corrections facility is currently live only with Digital Signatures and the facility without the same will be available in a week. Attention Government Deductors: Please quote the Accounts Office Identification Number (AIN) in your TDS Statements Source – http://contents.tdscpc.gov.in/...

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TDS credit must be given to deductee even if deductor fails to pay to government

Executors of the Estate of S.Shanmuga Mudaliar Vs The Assistant Commissioner of Income Tax (Madras High Court) - It is not disputed that tax was deducted at source by the tenant Union Motors Services Limited and they have issued some Certificates which has been given credit to by the Department. The present dispute relates to the failure of non issuance of TDS certificates by the tenant....

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Procedure for furnishing and verification of Form 26A

DGIT Notification No. 11/2016-Income Tax - (02/12/2016) - CBDT notidfies Procedure for the purposes of furnishing and verification of Form 26A for removing of default of Short Deduction and/or Non Deduction of Tax at Source- Reg....

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Recent Posts in "TRACES"

Form 26AS with respect to TDS: Knowhow

Form 26AS is, in essence, an acknowledgement of sorts when it comes to Tax Deducted at Source (TDS). Which is to say that Form 26AS shows the amount of TDS, which has been deducted and is available as credit against our Income Tax liability, if any. To understand this concept and in order to make it work in ones favour, one needs to under...

Read More
Posted Under: Income Tax |

Develop system to issue Lower deduction certificate u/s 197 through TRACES Site: ICAI

TDS CPC has been one of the successful projects of the Government for online tracking of the Tax deducted, deposited, corrections and reconciliations....

Read More
Posted Under: Income Tax |

Guidelines for Income Tax Deductees- ensure you have correct tax credit!

Tax deductee is a person who receives certain prescribed payments like salary, interest, commission, brokerage, rent etc. after deduction of tax at source...

Read More
Posted Under: Income Tax |

e-File Your TDS Statement by 31st January, 2018

Delay in filing of TDS statement shall entail levy of fee of Rs. 200/- for each of default not exceeding amount of tax deductible ...

Read More
Posted Under: Income Tax |

How to open password protected files of Income Tax and TDS

Article explains the password combination for Opening ITR-V/Acknowledgement, Form 26AS, Any Intimation/Order and TDS Provisional Receipt/Acknowledgement and for extracting TDS Justification Report, Conso File, TDS Certificates ZIP File and 26AS ZIP File....

Read More
Posted Under: Income Tax | ,

File Your TDS Statement by 31st January 2017

FILE: e-fiie TDS statement for the quarter ended on 31st December 2016 by 31st January 2017. Delay in filing of TDS statement shall entail levy of fee of Rs. 200/- for each day of default not exceeding amount of tax deductible. ISSUE : TDS Certificate  In Form 16A on Income other then salary for the […]...

Read More
Posted Under: Income Tax |

Procedure for furnishing and verification of Form 26A

DGIT Notification No. 11/2016-Income Tax (02/12/2016)

CBDT notidfies Procedure for the purposes of furnishing and verification of Form 26A for removing of default of Short Deduction and/or Non Deduction of Tax at Source- Reg....

Read More

Download TDS Certificates at TRACES within Due date -Reminder

There are many Deductors who have filed TDS Statements for different quarters but not yet downloaded TDS Certificates (Forms 16/ 16A) from TRACES  portal should download the same immediately to avoid Penal Consequences. Downloading of TDS Certificates from TRACES made mandatory:   In this regard, your attention is invited to the CBDT ...

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Posted Under: Income Tax | ,

Validate Sec. 197 certificate at TRACES before filing TDS/TCS return

Advisory for Deductors 1. Deductors deduct tax at lower rate on payment/credit to deductee on production of certificate duly issued by assessing officers under section 197. Deductors quote such certificate number in quarterly TDS statement. Instances of huge default of ‘Short Deduction’ have been observed due to wrong quoting of 197 c...

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Posted Under: Income Tax |

How deductor can Submit Self-Declaration for Lower Deposit of TDS

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 […]...

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Posted Under: Income Tax | ,
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