TRACES - Page 2

How to Download Justification Report of errors identified by TRACES

Brief Steps for downloading of Justification Report ♣ Please check statement status under “Statement /Payment Tab ” before raising the request for Justification Report. Request for Downloading Justification Report can only be Submitted when Statement Status is “Processed with Default”. ♣ Financial Year, Form type and Quarter f...

Read More
Posted Under: Income Tax |

How to file TDS Correction Statements on TRACES for FY prior to FY 2011-12?

Online correction on TRACES is not enabled for the requested statement. Kindly file correction through NSDL and the subsequent correction can be filed on TRACES ...

Read More
Posted Under: Income Tax |

Short Payment & Short deduction TDS defaults-Problems & solutions

Comprehensive list of problems and their solutions relating to short TDS payment & short TDS deduction defaults issued in the intimation U/s 200A...

Read More
Posted Under: Income Tax | ,

Delay in Download of TDS Certificate attracts Penalty

Due Date for downloading and Penalty for non-compliance: Please be advised that under the provisions of section 203 of the Income Tax Act, 1961 read with rule 31A, Certificate of tax deducted at source is to be furnished within fifteen (15) days from the due date for furnishing the statement of tax deducted at source. Failure to comply w...

Read More
Posted Under: Income Tax | ,

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 |

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 |

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

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...

Read More
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 […]...

Read More
Posted Under: Income Tax | ,

Avail Benefit of Intermediate Default Communications and Avoid Intimations from CPC (TDS)

Deductor can  promptly avail the Online Correction facility at web-portal TRACES, after receipt of “potential PAN/ Challan errors in TDS statement” through Intermediate Defaults Communication. Your corrective action during the course of processing of Original TDS Statements helps you immensely in following ways: Avoid TDS Def...

Read More
Posted Under: Income Tax |

Inappropriate Usage of Digital Signature for availing services of TRACES

Centralized Processing Cell (TDS) has observed that Online Corrections have been submitted by deductors on TRACES website by using Digital Signature Certificate. However, there was no Registered Digital Signature Certificates (DSC) was available in his profile on TRACES website. Immediate Attention: The Centralized Processing Cell (TDS) h...

Read More
Posted Under: Income Tax |

Action to be taken in case of levy intimated u/s 234E

Section 234E of the Income-tax Act, 1961 inserted by the Finance Act, 2012 provides for levy of a fee of Rs. 200/- for each day’s delay in filing the statement of Tax Deducted at Source (TDS) or Tax Collected at Source (TCS). The provision for Levy of Late filing fee was introduced to improve Filing […]...

Read More
Posted Under: Income Tax |

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....

Read More

TDS: Consequences of Non-Registration on TRACES

As per the records of Centralized Processing Cell (TDS),  there are many deductors who have filed TDS return for different quarters, but not not yet registered on the web portal TRACES Such Un-registered Deductor will not be able to download TDS Certificates (Form 16/ 16A) and avail several other facilities offered by TRACES unless they ...

Read More
Posted Under: Income Tax | ,

CPC (TDS) communication to Govt. Deductors for "Mismatch in BIN" reported in TDS Statements

Centralized Processing Cell (TDS) has observed substantial cases of mismatch in Book Identification Number (BIN) in Quarterly TDS Statements...

Read More
Posted Under: Income Tax |

TDS / TCS – Restriction on Download of Conso Files & issues

We are aware that recently TRACES enabled its online correction utility and seized downloading of conso files where the statement contained unmatched challans. It has caused inconvenience to many for the reasons stated below :...

Read More
Posted Under: Income Tax | ,

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

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....

Read More
Posted Under: Income Tax |

How to close of Short TDS Payment Defaults using Online Correction facility

In case there are ‘Short Payment Defaults’ in your TDS Statements due to ‘Mismatch of Challans’ you can get the default closed using Online Correction feature, which is available for TDS Statements related to Financial Year 2007-08 onwards....

Read More
Posted Under: Income Tax | ,

TDS-CPC Handbook

Background Tax Deduction at Source (TDS) is one of the means of collection of direct taxes. TDS constitutes nearly 40% of the direct tax collections. LEGACY In the legacy system, the deductees claimed TDS credits based on manual TDS certificates, issued by the deductors. There was no correlation between tax deductions, tax payments and is...

Read More
Posted Under: Income Tax |

Traces enables Online Correction functionality with enhanced features without Digital Signature

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...

Read More
Posted Under: Income Tax |

Extension by CBDT of TAR – Are you satisfied with it?

C.P. Chugh Dear All True but of no use. What we got is a big BABA JI KA TULLU (in the words of Kapil Sharma, standup comedian) CBDT circulars/notifications are often over riding the basic of law.  Law makers have thoughtfully provided sufficient time to furnish return, obtain and furnish TAR and keeping in mind […]...

Read More
Posted Under: Income Tax |

TDS – Online Corrections facility currently live only with Digital Signatures

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/...

Read More
Posted Under: Income Tax |

CPC (TDS) – Short Payment Default correction must to download Consolidated Files

CPC (TDS) mandates closure of Short Payment Defaults using Online Correction facility before allowing Conso Files The Centralized Processing Cell (TDS), in its endeavour to enforce TDS Compliance, is shortly mandating closure of ‘Short Payment defaults’ in the quarterly TDS statements due to Unmatched Challans, before the Cons...

Read More
Posted Under: Income Tax | ,

CPC(TDS) Offers Tips for Faster Answers

CPC(TDS) apprises you that the current period marks the busiest weeks of downloading and distributing TDS Certificates for Q4, FY 2013-14. This also marks a peak time in the number of calls and queries to CPC(TDS). We encourage deductors to  visit TRACES as the best place to get quick help to find answers to frequently […]...

Read More
Posted Under: Income Tax | ,

'Aggregated TDS Compliance' at PAN level for all TANs associated with referenced PAN

To facilitate improved TDS administration, CPC(TDS) starts the feature of “Aggregated TDS Compliance” at PAN level for all TANs associated with the referenced PAN. Following are additional details related to the new feature....

Read More
Posted Under: Income Tax | ,

Simple ways to avoid Defaults in TDS Statements

We can easily avoid Defaults in TDS statements, by way of adherence to the following basic principles: · Timely Payment of total taxes deducted/ collected · Correct Reporting with regard to PANs, Tax Rate and Challans · Complete Reporting for all Deductees · Timely filing of TDS Statements...

Read More
Posted Under: Income Tax | ,

How to ensure correct credit of TDS to dedcutee & generation of TDS certificate

As the due date for filing quarterly TDS statement for 4th quarter is approaching close,TDS deductors must take note of following important information before submitting TDS statements to ensure that the deductees are able to correctly claim TDS Credits and for generating correct TDS Certificates....

Read More
Posted Under: Income Tax | ,

All about C9 Corrections for Quarterly TDS Statements

Centralized Processing Cell (TDS) has observed from its records that C9 Corrections for Quarterly TDS Statements have repeatedly been submitted during Financial Year 2013-14. Please note that CPC (TDS) does not encourage frequent submission of C9 corrections....

Read More
Posted Under: Income Tax | ,

Form 24Q, Q4 TDS statements for Financial Year 2013-14 – Important Points

Due date for filing 24Q quarterly TDS statement for 4th  quarter of FY 2013-14 is approaching fast. You are advised to file TDS statements well before due date (15th May, 2014). It is also requested to refer to Circular 8 of 2013 dated October 10, 2013 in the context of Tax Deduction at Source on […]...

Read More
Posted Under: Income Tax |

Online facility of PAN Verification on TRACES

CPC (TDS) has introduced the convenience of online facility of PAN Verification on TRACES. With this feature, we will be able to validate the PANs with confidence for the purpose of recording and reporting your transactions in the TDS statements correctly. ...

Read More
Posted Under: Income Tax |

Deductor Grievance-Due to inordinate delay in filing Form 24G

CA Sandeep Kanoi As you are aware, it is mandatory for Pay and Accounts Office (PAO)/ District Treasury Office (DTO)/ Cheque Drawing and Disbursing Office (CDDO) (herein after called as AOs) to file Form No. 24G on monthly basis with in the prescribed time as per Income-tax Department Notification no. 41/2010 dated May 31, 2010. AOs to ...

Read More
Posted Under: Income Tax |

TDS Certificates downloaded only from TRACES are valid

Downloading of TDS Certificates from TRACES is mandatory: In this regard, your attention is invited to the CBDT circulars 04/2013 dated 17.04.2013, CBDT Circular No. 03/2011 dated 13-5-2011 and CBDT Circular No. 01/2012 dated 9-4-2012 on the Issuance of certificate for Tax Deducted at Source in Form 16 and Form 16A. It is now mandatory [&...

Read More
Posted Under: Income Tax |

CPC introduces Online facility of filing corrections to TDS Statements

CPC (TDS) has introduced the convenience of online facility of filing corrections to the TDS Statements. With this feature, you will be able to breeze through submitting revisions with ease and confidence when you complete your transactions on TRACES portal. To avail the facility, you have to to Login to TRACES and navigate to “Defa...

Read More
Posted Under: Income Tax |

Reminder for filing of TDS Statements within Due Date

As per the records of Centralized Processing Cell (TDS), the Original TDS Statement(s) for Quarter 2 of FY 2013-14 (July – September, 2013) has not been submitted within the prescribed due date by many of the deductors. Please note that late filing of TDS Statements not only delays TDS Credits to the deductees, but Also […]...

Read More
Posted Under: Income Tax |

TAN Information Required for PANs filing ITR 6 for FY 2011-12

It has been gathered that you have filed Income Tax return for Financial Year 2011-12 . However, as per our information, you have not been allotted with any TAN (Tax deduction and collection Account Number) for the relevant PAN (Permanent Account Number). The Circular, inter alia, provides guidelines on the following: You are advised to [...

Read More
Posted Under: Income Tax |

Consequance for Non – Filing of TDS Statements

For Tax payers: Non/ Late filing of TDS statements results into the TDS Credit not being available to the deductees (employees / vendors) for claiming the amount of tax already deducted from the payments made to them besides generating correct TDS Certificates for them....

Read More
Posted Under: Income Tax | ,

CBDT advises AOs to file Form 24G with in the prescribed time

As you are aware, it is mandatory for AOs to file Form No. 24G on monthly basis with in the prescribed time. Based on the particulars reported in Form No. 24G, Book Identification Number (BIN) is generated and intimated to the respective AOs by TIN Central System. AOs can download BIN from TIN Portal. AOs […]...

Read More
Posted Under: Income Tax | ,

Verify contents of TDS Certificates before issue

Report correctly the PAN and TDS amount in the Statement, which helps the taxpayer in claiming correct TDS Credits besides generating correct TDS Certificates. Verify the contents of TDS Certificates as downloaded from TRACES before issuing the same to the taxpayers...

Read More
Posted Under: Income Tax | ,

26AS Online views – crosses 22 Crores

CPC (TDS) is committed to contribute effectively in the nation building process through efficient tax administration and improved voluntary compliance. This is intended to be achieved by an enabling policy environment and augmenting the revenue mobilization apparatus under the law, while maintaining taxpayer confidence in the system. To a...

Read More
Posted Under: Income Tax |

TDS / TCS : CBDT Releases new version 3.8 of Return Preparation Utility (RPU)

The new version 3.8 of the Return Preparation Utility (RPU) features following significant changes from the previous: Discontinuation of functionality to delete Deductee records: For the purpose of correct reporting, deletion of Deductee rows is no longer permissible in the TDS statements. Accordingly, the delete option available unde...

Read More
Posted Under: Income Tax | ,

Browse All Categories

CA, CS, CMA (5,040)
Company Law (6,701)
Custom Duty (8,071)
DGFT (4,384)
Excise Duty (4,406)
Fema / RBI (4,433)
Finance (4,693)
Income Tax (35,035)
SEBI (3,754)
Service Tax (3,626)

Search Posts by Date

November 2020
M T W T F S S
 1
2345678
9101112131415
16171819202122
23242526272829
30