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Online TAN Registration mandatory for all TAN holders

October 26th, 2010
Income tax department now makes mandatory to register their TAN (tax deduction account number) online on TIN-NSDL site.

Authenticated access (through user ID and password) will be provided to registered deductors. On login, the following will be available to the deductors:-

  1. view of the status of all statements filed;
  2. download of consolidated quarterly e-TDS / TCS statement for preparation of correction statement; and
  3. other functionalities related to quarterly TDS /TCS statement.

Second facility is most useful and desirable; the reason is that when a person required revising their eTDS return due to inconsistencies in eTDS return, the original data is required for amendments. Moreover after furnishing the return to TIN-FC, if assessee has no back up of original return then revised return cannot be prepared .so introduction of new facility is very useful for the TAN holder .

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NSDL released Return Preparation Utility (version 2.2) for F.Y. 2010-11

October 11th, 2010
NSDL released Return Preparation Utility (RPU version 2.2) for FY 2010-11 on October 9, 2010. The Key Features of RPU version 2.2 are hereunder:

A. Preparation of quarterly e-TDS/TCS statements (regular and correction) pertaining to FY 2010-11

B. Preparation correction statement using consolidated TDS/TCS statement (provided by TIN) pertaining to FY 2010-11

C. Select flag “C” in the column “Reason for lower or non deduction of tax” for tax deducted at higher rate

D. Transporter transaction where no deduction has been carried to marked separately as “T”. Flag “T” to be mentioned in the field for lower or no deduction at deductee detail.

E. Any one of the contact details of deductor/collector is mandatory:
Deductor/Collector telephone no. along with STD code
Responsible per son telephone no. along with STD code
Mobile no. of responsible person
F. Mandatory to quote e-mail id of deductor/collector or responsible person.

The RPU version 2.2 can be downloaded from the following link:

http://tin.nsdl.com/downloads/e-TDS_RPU_2.2.exe

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Income Tax Dept. releases new File Validation Utilities (FVU) on 01.10.2010

October 4th, 2010

NSDL has released two new File Validation Utilities, details of which can be viewed from the following links:

FVU 3.0 (For: F.Y.2010-11) - http://www.jcs-etds.com/download/fvu-30-features-041010.pdf

FVU 2.129 (For: upto F.Y.2009-10) - http://www.jcs-etds.com/download/fvu-2129-features-041010.pdf

The new File Validation Utilities is to be used for all eTDS/eTCS returns to be filed on and after 01.10.2010. Please follow the link below to download the same:

http://jcs-etds.com/new-fvu-release.php

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Higher (20%) TDS rate without PAN from 01.04.2010

September 13th, 2010

A new provision relating to tax deduction at source (TDS) under the Income Tax Act 1961 will become applicable with effect from 1st April 2010. Tax at higher of the prescribed rate or 20% will be deducted on all transactions liable to TDS, where the Permanent Account Number (PAN) of the deductee is not available. The law will also apply to all non-residents in respect of payments / remittances liable to TDS. As per the new provisions, certificate for deduction at lower rate or no deduction shall not be given by the assessing officer under section 197, or declaration by deductee under section 197A for non-deduction of TDS on payments shall not be valid, unless the application bears PAN of the applicant / deductee.

All deductors are liable to deduct tax at the higher rate in all transactions not having PAN of the deductees on or after 1st April 2010. In order that there is no dispute regarding quoting / non-quoting of PAN or accuracy thereof, the law requires all deductees and dedutors to quote PAN of deductees in all correspondences, bills, vouchers and other documents sent to each other. All deductors are, therefore, advised to intimate their deductees to obtain and furnish their PAN so as to avoid TDS at a higher rate. All deductees, including non-residents having transactions in India liable to TDS, are advised to obtain PAN by 31st March 2010 and communicate the same to their deductors before tax is actually deducted on transactions after that date.

The procedure for obtaining PAN is simple, inexpensive and quick. Application for PAN can be filed in Form 49A to National Securities Depository Ltd. (NSDL) or Unit Trust of India InvestorServices Ltd. (UTIISL) or their intermediaries. Non-residents can apply through the local embassy / consulate of India.

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SMS Based Service For Challan Status

September 3rd, 2010
National Securities Depository Limited (NSDL) provides CIN (Challan Identification Number) based view of direct tax challans to taxpayers to know the status of challan on its web-site. In addition to the above facility, NSDL has launched a Short Message Service (SMS) based facility to know the status of its challans. The procedure for availing this facility is as under:
The tax payer can send an SMS to 575758 with a message containing the word CSI followed by a space and CIN provided by the respective Bank at the time of making the Direct tax payment.
The CIN should be separated by comma (,).
Challan Identification Number (CIN ) consists of details such as BSR Code of Collecting Branch (seven digit) , Challan Tender Date (DDMMYYYY) and Challan Serial No (length less than or equal to 5 digit) and Amount.
The amount is an optional field. If the amount is entered by the tax payer he would get the confirmation whether amount entered is matched or otherwise as per NSDL database.
For e.g., if the tax payer input “CSI 0510001,11032009,5,5000” where in 0510001” is the BSR code of the collecting branch, “11032009” is the Challan tender date, “5” is the Challan serial number and “5000 is the amount paid by the taxpayer.The tax payer will get the information against which TAN/PAN the payment has been accounted with the confirmation whether amount entered is matched or not. (This is an illustrative challan identification number, actual CIN should be provided in the SMS).
There will be special charges for these SMS. These charges may vary from one mobile service-provider to another. The charge structure can be obtained from the concerned service-provider. The status of the CIN based view will continue to be available from NSDL-TIN web-site www.tin-nsdl.com or NSDL Call Centre at 020-27218080 or Aykar Sampark Kendra at 0124- 2438000.

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