Presentation By M Lalitha, ITO (TDS)
Jan 26, 2016
Presentation By
M Lalitha, ITO (TDS)
Every person who is a deductor has to – Deduct or collect tax in the form of TDS/TCS
as per prescribed rates. After deduction/Collection, deposit the same
into Central Govt. A/c. within the due date. File E-TDS/E-TCS returns for every quarter
within the due dates.
e filing scheme introduced by I T Dept in 2003 to improve the existing system of paper returns and provide better tax payer services.
Set up to modernize the system
Managed by NSDL on behalf of IT Dept.
NSDL has facilitation centres all over the country – called TIN FCs.
TIN FC services – Acceptance of applications for new TAN/changes in existing TAN, filing of e-TDS returns.
www.tin-nsdl.com (TIN website)
Also refer www.incometaxindia.gov.in
Important aspects of eTDS
Tax Deduction Account No.
10 characters – e.g HYDA12345E
Every deductor should have a TAN.
Quote correct TAN in TDS returns, challans and TDS certificates
No TAN - Apply in Form 49 B at TIN FC
Surrender duplicate TANs
Not sure of your TAN or have TAN of old series – contact TDS officer to know correct TAN.
To be filed quarterly (w.e.f Fin Yr 2005-06)
Also called quarterly statements.
Format prescribed by I T dept – available on TIN and Dept. websites.
Form no.
Particulars Due date
24Q TDS on “Salaries”
First 3 quarters – within 15 days from end of quarterLast quarter – 15th May (15th June up to FY 2009-10)
26Q TDS on payments other than “Salaries”
First 3 quarters – within 15 days from end of quarterLast quarter – 15th May (15th June up to F.Y. 2009-10)
27EQ
TCS First 3 quarters – within 15 days from end of quarterLast quarter – 30th April
TDS challans do not contain details of deductees.
Deductee information available only in TDS returns
Both data matched by NSDL
PAN ledger created for every valid PAN – called Form 26 AS
Electronic tax credit statement for a F.Y.
Contains details of TDS, TCS and other taxes
PAN ledger entries dependent on:
error free challans Filing of returns without errors Quoting of correct PAN of deductee in TDS return
Annexureless I T returns – no need to enclose TDS certificates
Deductee gets TDS credit on basis of PAN ledger entries
In future TDS certificates will be in electronic form only
As per prescribed file formats.
1. Use Latest Return Preparation Utility (RPU) software of NSDL. Freely downloadable.
2 In house software or
3 Software sold by vendors
Return should have minimum no. of structurally valid PANs
W.e.f 01.04.2008, limits are:
Form 24 Q – atleast 95%
Form 26Q / 27 EQ – atleast 85 %
File statement with available PANs and omit records without PAN– CBDT clarification dt. 11th Aug 2008.
Do not change the challan amount File correction (revised) statement as and
when missing PANs are obtained. Correction statements – can be filed any
number of times. No time limit. Can use RPU or other software – just as for
original/regular statement.
Validate using File Validation Utility software (FVU) of NSDL.
FVU - Freely downloadable from TIN websiteAlso inbuilt in RPU.
Stand alone version available for those using other than RPU.
Checks format level accuracy only.
Does NOT check correctness of tax deduction
Compulsory for:
Central/State Government DDOs
Companies
Tax audit cases in preceding F.Y.
Deductors who have atleast 20 deductee records in any quarterly statement filed during the year
Optional for other deductors
1. At any TIN FC 2. Can be filed online with digital signature
Copy .fvu file on to a floppy/CD.
Form 27A/27B - verification form to be filed when return is filed on computer media.
Form available on TIN and Dept websites
‘Statement Statistics Report’ – will help in filling Form 27A/27B.
Provisional receipt issued. Will have a
number (PRN) & statistical details of return Deemed acceptance of “quarterly statement”.
Upload charges or fees to be paid
Preserve .fvu files and provisional receipts carefully.
If not accepted, non-acceptance memo issued.
No upload charges to be paid
• In case of any errors/discrepancies
I.T.Dept / N.S.D.L. will intimate and ask for clarification
• Defects should be rectified.
Errors in statement - File correction viz. revised statement
Errors in challan:
Correction of name, amount and major head
code (co/non-co deductees) – contact bank
Other corrections - contact TDS Assessing
Officer.
Govt. deductors/collectors – By way of book entry. To be done on same day.
Others – By actual payment using challan.
Electronic payment – through net banking or debit card
Facility available on Dept/NSDL sites
Compulsory for corporates and tax audit cases
30 authorised banks – list available on websites
All DDOs come under this category. Each DDO should have separate TAN. Book adjustment – to be reported on same
day. Challan–7th of following month (amended
rules) Filing e-TDS/TCS quarterly statement
compulsory. Month of payment and not month in which
salary is due to be mentioned in statement.
Use only TDS/TCS challan – Form ITNS 281
Quote TAN correctly and legibly
Do not quote PAN in place of TAN
Use separate challan for each section – no clubbing
Use separate challan for corporate/non-corporate deductees – no clubbing
Do not mix up FY and AY
Do not use different TANs in different challans (surrender duplicate TANs)
Do not wait till due date when paying by cheque.
Do not forget to check if CIN is stamped on counterfoil.
Components…
Sl.No.
Particulars No. of characters
e.g.
01 BSR code 7 digits 0340777
02 Challan Serial No. Upto 5 digits 00025
03 Date of tender DD/MM/YY 23/06/2011
Use RPU own software or third party software
Only records needing correction to be furnished.
F.Y., A.Y. and quarter cannot be updated
For TDS made on or after 01.4.2011(Other than u/s. 192),
Issuance of TDS Certificates in Form No. 16A downloaded from TIN Website –
Mandatory for Banks, Banking Co. as per Circular No. 03/2011, dt. 13.5.2011.
THANK YOU