Archive for the ‘TDS’ category

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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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Nil TDS on Transport Contracts

October 19th, 2010

As per the amended section 194C, through Finance Act (2) of 2009, No deduction shall be made from any payments made to a contractor during the course of business of plying, hiring or leasing goods carriages, on furnishing of his PAN to the deductor.

This new subsection 6 of 194-C makes such transport contractor to compulsorily provide PAN to the Deductor, failing to which TDS will be made by Deductor as per 194C.

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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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