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Basics about eTDS / eTCS

July 17th, 2009

Annual e-TDS/TCS return is the TDS return under section 206 of the Income Tax Act (prepared in Form Nos. 24, 26 or 27) or TCS return under section 206C of the Income Tax Act (prepared in Form No. 27E), which is prepared in electronic media as per prescribed data structure. Such returns furnished in a CD/floppy should be accompanied by a signed verification in Form No. 27A in case of Annual TDS returns or Form No. 27B in case of Annual TCS return.

TDS/TCS returns filed in electronic form as per section 200(3)/206C, as amended by Finance Act, 2005, are quarterly TDS/TCS statements. As per the Income Tax Act, these quarterly statements are required to be furnished from FY 2005-06 onwards. The forms used for quarterly e-TDS statements are Form Nos. 24Q, 26Q and 27Q and for quarterly e-TCS statement is Form No. 27EQ. These statements filed in CD/floppy should be accompanied by a signed verification in Form No. 27A in case of both e-TDS/TCS statements.

As per Income Tax Act, 1961, all corporate and government deductors/collectors are compulsorily required to file their TDS/TCS returns on electronic media (i.e. e-TDS/TCS returns). However, deductors/collectors other than corporate/government can file either in physical or in electronic form.

An e-TDS return should be filed under Section 206 of the Income Tax Act in accordance with the scheme dated August 26, 2003 for electronic filing of TDS return notified by the Central Board of Direct Taxes (CBDT) for this purpose. CBDT Circular No. 8 dated September 19, 2003 may also be referred.
An e-TCS return should be filed under Section 206C of the Income Tax Act in accordance with the scheme dated March 30, 2005 for electronic filing of TCS return notified by the CBDT for this purpose.
As per section 200(3)/206C, as amended by Finance Act 2005, deductors/collectors are required to file quarterly TDS/TCS statements from FY 2005-06 onwards.

CBDT has appointed National Securities Depository Limited, (NSDL), Mumbai, as e-TDS/TCS Intermediary. NSDL has established TIN Facilitation Centres (TIN-FCs) across the country to facilitate deductors/collectors file their e-TDS/TCS returns.

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Forms used for filling annual/quarterly TDS/TCS returns

June 26th, 2009

Form No. 24 – Annual return of ‘Salaries’ under Section 206 of Income Tax Act, 1961
Form No. 26 – Annual return of deduction of tax under section 206 of Income Tax Act, 1961 in respect of all payments other than ‘Salaries’
Form No. 27 – Statement of deduction of tax from interest, dividend or any other sum payable to certain persons
Form No. 27E – Annual return of collection of tax under section 206C of Income Tax Act, 1961
Form No. 24Q – Quarterly statement for tax deducted at source from ‘Salaries’
Form No. 26Q – Quarterly statement of tax deducted at source in respect of all payments other than ’Salaries’
Form No. 27Q – Quarterly statement of deduction of tax from interest, dividend or any other sum payable to non-residents
Form No. 27EQ – Quarterly statement of collection of tax at source

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Know FVU – File Validation Utility

June 19th, 2009

FVU is a utility provided by NSDL to verify the e-Return (Text file) generated by the deductor, with the format prescribed. FVU takes an Input file and generates a report and *.FVU File.

If any errors found, *.FVU file will not be generated and Report file contains the List of errors in the Text file.

If File Validation is successful, FVU generates a Report file with the Statistics of the return and a *.FVU file with Text file converted to a compatible format (With addition of few more details) for the software in TIN FC (SAM [ Statement Acceptance Module].

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General points to remember for filing eTDS / eTCS returns

June 8th, 2009

1. Each e-TDS return file (Form 24, 26 or 27) should be in a separate CD/floppy. Also, each e-TDS return file should be in one CD/floppy. It should not span across multiple floppies. In case the size of an e-TDS return file exceeds the capacity of one floppy, it should be furnished on a CD.

2. Each e-TDS return file should be accompanied by a duly filled and signed (by an authorized signatory) Form 27A in physical form.

3. Label should be affixed on each CD/floppy mentioning name of the deductor, his TAN, Form no. (24, 26 or 27) and period to which the return pertains.

4. There should not be any overwriting / striking on Form 27A. If there is any, then the same should be ratified by an authorized signatory.

5. No bank challan, copy of TDS certificate should be furnished along with e-TDS return file.

6. In case of Form 26 and 27, deductor need not furnish physical copies of certificates of no deduction or lower deduction of TDS received from deductees.

7. In case of Form 24 deductor should furnish physical copies of certificates of ‘no deduction or deduction of TDS at lower rate’, if any, received from deductees.

8. e-TDS return file should contain TAN of the deductor without which the return will not be accepted.

9. In case the e-TDS return file is in a compressed format, it should be compressed using WinZip 8.1 or ZipItFast 3.0 compression utility only to ensure quick and smooth acceptance of the file.