As per new provision of tax deduction at source (TDS) under the Income Tax Act 1961 effective from April 1, 2010, TDS 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.
Posts Tagged ‘TDS’
Income Tax Department press release dated January 20, 2010 on TDS
February 26th, 2010Income-tax ( First Amendment) Rules, 2010 (TDS/TCS Rules)
February 25th, 2010Notification has been issued by Ministry of Finance, CBDT, amending the rules regarding Time and mode of payment to Government account of tax deducted/collected at source or tax paid under Section 192/206C, Certificates of tax deducted/collected at source or tax paid, Quarterly statement of deduction/collection of tax.
New Changes to Remember
January 4th, 2010- Prepare Quarterly e-TDS/TCS Correction statement with RPU version 2.0 as per new data structure (with effect from October 01, 2009).
- Prepare correction statement as per old data structure (accepted in TIN as per the old data structure) with RPU version 1.8.
Taxpayers can now view details of paid refund in their Annual Tax Statement (Form 26AS)
December 15th, 2009Taxpayers who have registered to view Form 26AS online can view details of paid refund in their Form 26AS from F.Y. 2009-10 (A.Y. 2010-11) onwards. Refunds received during the selected A.Y. will be displayed in Form 26AS. For instance, refunds pertaining to A.Y. 2005-06 which are received in F.Y. 2009-10 (A.Y. 2010-11) will be displayed in Form 26AS for F.Y. 2009-10 (A.Y. 2010-11).
The following details related to refund will be displayed:
- A.Y. for which refund is paid
- Mode of payment i.e. ECS, paper (refund cheque), etc.
- Amount of refund
- Date of payment
- View Tax Credit
- Register your PAN for Viewing Tax Credit online
Online Registration of TAN by TDS/TCS Deductors
November 27th, 2009The income tax department has asked all deductors to register their TAN on NSDL web site. Once registered, the deductors will be provided User ID and password for authenticated access.
Benefit of registration
The access will result in the following benefits to the deductors:
• View of status of all statements filed;
• Download of consolidated quarterly e-TDS / TCS statement for preparation of correction statement; and
• Other functionalities related to quarterly TDS /TCS statement.
Before registration
• Keep Provisional Receipt Number (PRN) of any eTDS Statement filed on or after 01-04-2008.
• Go to “Quarterly Statement Status”. Enter TAN and PRN Number. Ensure that this statement is accepted by TIN. You will have to enter details of such statement during registration.
• Keep PAN details
Registration Form
TAN registration should be done online at the website of the Tax Information Network www.tin-nsdl.com. Deductors must register all active TANs.
Use the following link to register the TAN: http://www.tin-nsdl.com/onlinetanintro.asp. Online form will appear. The details to be filled in are explained below:
Details of Deductor
• Enter TAN and Company Name
• Enter PAN. Mention “PANNOTREQD”, in case PAN is not available i.e. deductor is not required to have PAN as per the statute.
• Select appropriate deductor category from the dropdown.
• For Government deductors additional information is required to be filled in
1. PAO Code and DDO Code are mandatory for deductor category “Central Government”.
2. If PAO Code is not available then mention value “PAOCDNOTAVBL”.
3. If DDO Code is not available then mention value “DDOCDNOTAVBL”.
4. For PAO/ DDO Registration number, mention registration number allotted, if any, by Central Record Keeping Agency (CRA) under New Pension Scheme (NPS).
Contact Details of Deductor
• Mention complete address and contact details of deductor.
• Provide valid email id and telephone no. / Mobile no.
• Provide details of responsible person and designation.
Statement Details
• Mention details of any regular e-TDS / TCS quarterly statement accepted in TIN on or after April 01, 2008.
Generation of Acknowledgement
• After filling up the information, click “submit”. On submission of details if system shows any errors, rectify and re-submit the form.
• A confirmation screen with all the data filled by the user will be displayed. The same can be either confirmed or edited.
• On confirmation, an acknowledgement number will be displayed.
• Print the acknowledgment and preserve the same for future use.
• For future correspondence mention the TAN registration number provided by TIN along with the TAN.
• You can re-generate the “Acknowledgement for TAN Registration” by registering again.
Comments
This is very useful facility and will make the task of deductor simpler.
• The biggest advantage is ability to retrieve eTDS Statement filed earlier. Several deductors do not keep backup of eTDS statement FVU files and when a correction is to be filed, they have no recourse.
• Another problem being faced by deductors is to keep track of original FVU and correction FVU. Many times several correction statements need to be filed e.g. when valid PAN become available. Hopefully, NSDL should be able to provide the updated FVU online for further creation of correction.
• At present, a deductor has to go to several links for information retrieval e.g. Challan Status Enquiry, quarterly statement status, eTDS online filing. With this new facility it is expected that all these services will be available in a single window.
