Archive for the ‘TDS’ category

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New Changes in TDS Certificate – announced by IT Dept.

August 25th, 2010

In the recent announcement as published in the NSDL-TIN web portal, from the FY 2010-11, instead of printing the Provisional Receipt No. (as provided in the Acknowledgement received on of submission of the TDS return), the Receipt No. is to be printed.

Receipt number to be quoted in Form 16/16A will be generated by TIN. The Receipt number will be generated for the quarterly TDS/TCS statements pertaining to FY 2010-11 and onwards uploaded to TIN. Receipt number generated will be of eight digits (alphabets) and will be applicable only for statements pertaining to FY 2010-11 and onwards. The Eight digit receipt number can be obtained by viewing the status of the quarterly TDS/TCS statement at under Quarterly Statement Status feature available at TIN website (www.tin-nsdl.com).

Receipt number provided by TIN is in addition to the provisional receipt number provided on acceptance/upload of quarterly TDS/TCS statement. Provisional receipt number will be referred as Token no for the statements pertaining to FY 2010-11 and onwards.

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TDS / TCS Rates – FY:2010-11

July 25th, 2010

View the complete document of TDS / TCS rates for Financial Year 2010-11 from the following link:

TDS-TCS-rates-FY-2010-11

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Companies can soon access TDS returns online

July 15th, 2010

Companies will soon be able to view the Tax Deduction at Source (TDS) returns filed by them online, and make any changes if required. They can correct any clerical errors such as quoting a wrong TAN or PAN number.

Mr Ravi Aggarwal, Directorate-General of Income-tax (Systems), said here on Saturday that from next week, the assesses can access their TDS returns online on the NSDL Web site.

Companies will have to register with NSDL to access their returns.

The users will be asked two or three random questions, based on the TDS returns, to confirm their identity.

After this, they will be able to download the most recent TDS return, Mr Aggarwal said.

If there are any corrections, the company can make the changes, he added. Mr Aggarwal was speaking on the sidelines of a workshop on TDS organised by the Indian Merchants’ Chamber.

Welcome move

For employees too, it is a welcome step as they can now approach their employers if they find any mistake in the detailed tax credits or the PAN number; changes can then be made.

Employees are sometimes denied the credit for taxes paid on the pretext that the Form 16A has not been properly filled up or the date of payment of taxes has not been mentioned.

The employees also face problems getting tax credits if the employer enters the wrong PAN number in the TDS certificate.

And since employers file the TDS returns with banks, tax payers also lose out on tax credit if banks make a mistake while quoting the PAN number or entering any transaction details.

Mr S.S.N Moorthy, Chairman, Central Board of Direct Taxes (CBDT), said that almost 37 per cent of the direct tax collections in India comes from the TDS route.

‘Sensitise employees’

He emphasised the need to sensitise company employees dealing with TDS, to avoid mistakes and confusion.

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TAN Correction Form – Download and Print

June 22nd, 2010

For making changes or corrections in the TAN data for the TAN alloted to you, download the TAN Correction Form. Use the Form for making corrections like change of address, name of firm, and other related changes to TAN.

Download the Form from the link below:

http://www.etaxindia.org/wp-content/uploads/2010/06/tan-correction-form.pdf

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New Changes in TDS Rules – CBDT Release No. 402/92/2006-MC (27 of 2010), dated 2-6-2010

June 5th, 2010

The Central Board of Direct Taxes (CBDT) have amended the Rules relating to TDS provisions date and mode of payment of tax deducted at source (TDS), TDS certificate and filing of ‘statement of TDS’ (TDS return) vide Notification No. 41/2010; SO No. 1261(E) dated 31.05.2010. The amended rules will apply only in respect of tax deducted on or after 1st day of April 2010.

Forms for TDS certificate have been revised to include the receipt number of the TDS return filed by the deductor. Now the Tax-deduction Account Number (TAN) of the deductor, Permanent Account Number (PAN) of the deductee, and Receipt number of TDS return filed by the deductor will form the unique identification for allowing tax credit claimed by the taxpayer in his income-tax return.

Government Authorities (Pay and Accounts Officer or Treasury Officer or Cheque Drawing and Disbursing Officer) responsible for crediting tax deducted at source to the credit of the Central Government by book-entry are now required to electronically file a monthly statement in a new Form No. 24G containing details of credit of TDS to the agency authorised by the Director General of Income-tax (Systems).

Due date for furnishing TDS return for the last quarter of the financial year has been modified to 15th May (from earlier 15th June). The revised due dates for furnishing TDS return are:

Sl. No.

Date of ending of the quarter of the financial year

Due date

1.

30th June

15th July of the financial year

2.

30th September

15th October of the financial year

3.

31st December

15th January of the financial year

4.

31st March

15th May of the financial year immediately following the financial year in which deduction is made

Due date for furnishing TDS certificate to the employee or deductee or payee is revised as under:

Sl. No.

Category

Periodicity of furnishing TDS certificate

Due date

1.

Salary (Form No.16)

Annual

By 31st day of May of the financial year immediately following the financial year in which the income was paid and tax deducted

2.

Non-Salary
(Form No.16A)

Quarterly

Within fifteen days from the due date for furnishing the ‘statement of TDS’

Sl. No.

Date of ending of the quarter of the financial year

Due date

1.

30th June

15th July of the financial year

2.

30th September

15th October of the financial year

3.

31st December

15th January of the financial year

4.

31st March

15th May of the financial year immediately following the financial year in which deduction is made

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