Issues in filing TDS returns

Transcription

1 Issues in filing TDS returns

2 Contents Components of TIN Correction statement Consolidated TDS/TCS statement Online TAN registration Annual Tax Statement TIN

3 FILER DEDUCTOR TAX PAYER TIN FC ERACS DIRECT UPLOAD OLTAS (BANKS) CPLGS TIN VIEWS DEDUCTOR VIEW (RETURN STATUS) ITD View TAX PAYER VIEW (26AS)

4 Correction statement The need Inconsistencies in the statement to be rectified vide a correction statement Challans unmatched Deductee PAN not provided correctly Actions based on notices from ITD Accurate credit to reflect in the Form 26AS of the deductee

5 Correction statement - Pre-requisites Latest statement details of corresponding regular should be available Check the status of regular/correction statement at TIN website ( Corresponding regular statement should be accepted at TIN Provisional receipt of corresponding regular statement should be available.

6 Common reason for correction rejection Verification values not matching Incorrect quoting of PRN Correction on booked challan Incorrect sequence no. of challan / deductee/ salary detail Correction on deleted records Correction on rejected regular statement

7 Consolidated TDS/TCS statement Consolidated FVU files is available for TDS/TCS statements pertaining to F.Y and onwards. TDS/TCS statement (consolidated) provided by TIN will include all the updates done vide correction statements (accepted at TIN central system) filed by deductor/ collector. Consolidated statement will be sent to the deductor via within 24 hours of placing request

8 Contents of consolidated statement Details as per latest statement: Updated details of deductor/challan/deductee/salary records will be provided. Challan matching flag: Challan matching flag which indicates the status of challan / transfer voucher M Matched, U Unmatched, P Provisionally booked. No updates should be carried out on challans/transfer voucher with status M or P.

9 Contents of consolidated statement Expected record no. for challan/deductee/ salary detail record to be quoted in subsequent correction statement. Incorporated to facilitate quoting record number in sequence for added records in correction statements Example There are 5 challans in regular statement which is accepted at TIN. 1 challan is added by furnishing correction statement which is rejected at TIN. 2 challans added by furnishing another correction statement which is accepted at TIN. If one more challan is to be added vide another correction statement, sequence number of the expected challan record in the consolidated e- TDS / TCS statement will be 8.

10 Contents of consolidated statement Token number (Provisional receipt number (PRN)): In correction statement, deductor/collector is required to quote PRN as under to identify the statement in TIN central system for update: Corresponding regular statement Latest accepted/partially accepted correction statement To facilitate the deductor/collector in quoting correct PRN of Regular and Correction statement, same is provided in the consolidated TDS/TCS statement.

11 Who can request for consolidated statement? Facility is available to deductors who have registered their TAN online

12 Online TAN registration Register your TAN on NSDL TIN website Fill the TAN registration form on the website Provide any statement filed after April 01, 2008 Create User Id and password Account will be activated within 24 hours of registration.

13 Annual Tax Statement (Form 26AS) Form 26AS is a consolidated tax statement issued under Rule 31 AB of Income Tax Rules. Form 26AS with respect to a financial year includes details of: All tax deducted at source (TDS); All tax collected at source (TCS); and All advance tax/self assessment tax/regular assessment tax /Fringe Benefit Tax etc., deposited in the bank by the taxpayers (PAN holders). It also contains following additional information: Details of paid refund if any Details of transactions of mutual fund, shares, bonds reported by AIR filers, if any (F.Y onwards)

14 Benefits of Form 26AS PAN holder can verify the following: TDS / TCS has been deposited to the Government account Deductor /Collector has accurately filed the TDS/ TCS statement giving details of the tax deducted /collected on the deductee behalf Bank has properly furnished the details of tax (e.g. Advance Tax, Self-assessment Tax etc.) directly deposited by the tax payer Consolidated tax statement (Form 26AS) as a proof of tax deducted/collected

15 Form 26AS

16 Form 26AS

17 Form 26AS

18 Form 26AS

19 How to view Form 26AS? Registration at TIN website ( View through the net banking account of select banks View through the e-filing portal of Income Tax Department

20 View through the net banking account of select Banks List of Banks Axis Bank Bank of Baroda Bank of India Bank of Maharashtra Citibank N.A. Corporation Bank ICICI Bank Limited IDBI Bank Limited Indian Overseas Bank

21 View through the net banking account of select Banks Indian Bank Karnataka Bank Kotak Mahindra Bank Oriental Bank of Commerce State Bank of India State Bank of Mysore State Bank of Patiala State Bank of Travancore The Federal Bank Limited UCO Bank Union Bank of India

22 TIN Creation of user ID and password on registration of TAN Download of consolidated TDS/TCS file Grievance cell for taxpayers New validation FVU 3.2 Mobile no. mandatory Reporting of threshold transactions Reporting of deduction u/s 80CCF Form 16A Section update for booked challan

23 TIN Call Center Tel : (hunting line) Fax: tininfo@nsdl.co.in Timings: 9.30 a.m. to 8.00 p.m. Monday - Friday 9.30 a.m. to 6.00 p.m. Saturday

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