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e-TDS/e-TCS

e-TDS/e-TCS. Presentation By M Lalitha, ITO (TDS). Duties of Deductor. 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.

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e-TDS/e-TCS

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  1. e-TDS/e-TCS Presentation By M Lalitha, ITO (TDS)

  2. Duties of Deductor • 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.

  3. Introduction e filing scheme introduced by I T Dept in 2003 to improve the existing system of paper returns and provide better tax payer services.

  4. Tax Information Network (TIN) 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.

  5. 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

  6. Important • aspects • of • eTDS

  7. TAN • 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

  8. TAN – contd…. • 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.

  9. e-TDS / TCS returns 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.

  10. Forms & Due dates

  11. Importance of TDS returns • 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

  12. Form 26 AS – PAN LEDGER • 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

  13. Importance of PAN ledger • 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

  14. How to prepare e-TDS/TCS quarterly statement 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

  15. Please remember….. • 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 %

  16. In case of insufficient PANs • 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.

  17. What next…. Validate using File Validation Utility software (FVU) of NSDL. FVU - Freely downloadable from TIN website Also 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

  18. E filingof eTDS returns 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

  19. Where to file e-TDS/e-TCS statements? 1. At any TIN FC 2. Can be filed online with digital signature

  20. Please note.. 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.

  21. Acceptance of e-TDS/TCS statement : 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.

  22. Non-acceptance of e-TDS/TCS statement: If not accepted, non-acceptance memo issued. No upload charges to be paid

  23. Feedback after filing In case of any errors/discrepancies I.T.Dept / N.S.D.L. will intimate and ask for clarification Defects should be rectified.

  24. Remedial action for errors 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.

  25. Mode of tax payment Govt. deductors/collectors – By way of book entry. To be done on same day. Others – By actual payment using challan.

  26. E payment • 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

  27. Challan

  28. Govt. Deductors/Collectors • 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.

  29. Dos and Don’ts for challans 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

  30. Do Not… 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.

  31. CHALLAN IDENTIFICATION NUMBER (CIN) Components…

  32. Furnishing of correction statement Use RPU own software or third party software Only records needing correction to be furnished. F.Y., A.Y. and quarter cannot be updated

  33. Form 16A download • 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.

  34. THANK • YOU

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