Archive for the ‘TDS’ category

« Older Entries
Newer Entries »

Forthcoming changes in TDS / TCS filing for Quarter 4

February 25th, 2011

In a recent communication, NSDL has outlined the following changes in eTDS statement filing for the Fourth Quarter:

  • It will be mandatory to provide the mobile number of the responsible person
  • Currently the system accepts TDS amount without proper calculation of Amount Paid / Credit * TDS Rate. Now, this would be strictly implemented
  • Deductee records will have to be flagged to show that the amount paid / credited is below the threshold limit, hence it is without tax deduction at source
  • Deductee records will have to be flagged where excess tax has been deducted
  • While making correction returns it will now be possible to update the Provisionally Booked Challans that is downloaded from the consolidated statement
  • Deductions u/s 80CCF will have to be shown separately in the Salary details as part of Form 24Q
  • Downloading of the consolidated statement would be simplified based on suggestions received from all around

Please note that official announcement and system modifications are still to be received from NSDL / Income Tax Dept. Once all details are in place, as usual we shall promptly update JS@eTDS Software (F.Y. 2010-11) to ensure trouble free filing of your TDS / TCS returns.

14,682 comments »

Posted in NSDL, TCS, TDS

Tags:

Due date for filing of TDS / TCS returns of Quarter 3

January 7th, 2011

The last date for filing TDS / TCS returns for the third quarter (Q3) of F.Y. 2010-11 is 15th January, 2011.

With JS@eTDS Software you have a convenient option of generating your eTDS returns and subsequently generating & priniting TDS certificates.
Further, also note, last date for issuance of the TDS certificate for the third quarter (Q3) is 30th January, 2011.

4,319 comments »

Posted in Softwares, TCS, TDS

Tags:

Interest for non payment of TDS after deduction

December 30th, 2010

The interest rate on default on TDS compliance has been amended by the Finance Act 2010, according to which an assessee is regarded to be in default on the following instances:

 a)     Does not deduct the tax at source (either wholly or partly) from payments on which tax is required to be deducted under the Act.

b)    After deducting does not pay the same into the Government Treasury.

The Finance Act, 2010 has amended the said provisions and interest shall be levied as under:

•   At one percent for every month or part of a month from the date on which such tax was deductible to the date on which such tax is deducted; and

•   At one and one-half percent for every month or part of a month from the date on which such tax was deducted to the date on which such tax is actually paid.

The amended provisions are effective from 1st July, 2010.

29,883 comments »

Posted in NSDL, TCS, TDS

Tags:

eTDS Return Processing – CBDT instructions on short deduction by small amounts

December 17th, 2010

INSTRUCTION NO. 8/2010 [F.NO. 275/73/2009-IT(B)] dated 8.12.2010 states that, in the present system of processing of e-TDS returns, the returns are processed online and mismatch report showing defaults on various accounts is generated. Based on this mismatch report, the assessing officers issue show-cause notices to the deductors and take follow up actions. 

1. It has come to the notice of the Board that substantial number of TDS returns are pending where the deductee-wise default on account of short deduction of tax is less than Rs. 10.

2. This issue has been considered by the Board and it has been decided that:(i)  where the default on account of short deduction is less than Rs. 10 for each deductee, the demand is round off to zero; and (ii)  after considering (i) above, deductor-wise demand/default, if any, of Rs. 100 or less will also be ignored for further action.

3. However, the DDOs in such cases may be warned to be careful in future so as to ensure that they do not become habitual in short deduction of tax.

4. Earlier Instruction No. 11/2007, dated 18-12-2007 issued under F. No. 385/56/2007-IT(B) on the subject stands superseded by this instruction.

5. These instructions shall apply to all TCS/TDS cases under all Direct Tax Enactments. These instructions will come into force immediately.

3,112 comments »

Posted in NSDL, TCS, TDS

Tags:

NSDL releases new Return Preparation Utility (RPU version 2.3) for returns upto F.Y. 2009-10

November 4th, 2010

NSDL releases new Return Preparation Utility (RPU version 2.3) for returns upto F.Y. 2009-10. The Key Features of RPU version 2.3 is hereunder:

  • Preparation of regular and correction quarterly TDS/TCS statement up to FY 2009-10.
  • Validate quarterly TDS/TCS statement (regular and correction) prepared with FVU version 2.129.
  • Import of regular files with FVU version 2.126 for preparation of correction statements.
  • Import of consolidated TDS/TCS file (up to FY 2009-10) provided by TIN for preparation of correction statement.

The RPU version 2.3 can be downloaded from the following link:

http://www.jcs-etds.com/download/e-TDS_RPU_2.3.exe

14,525 comments »

Posted in NSDL, TCS, TDS

Tags: