Transcript E-TDS & e-TCS - Teacher's need.com

Presentation
By
M Lalitha, ITO (TDS)
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Every person who is a deductor has to –
Deduct or collect tax in the form of TDS/TCS
as per prescribed rates.
After deduction/Collection, deposit the same
into Central Govt. A/c. within the due date.
File E-TDS/E-TCS returns for every quarter
within the due dates.
e filing scheme introduced by I T
Dept in 2003 to improve the existing
system of paper returns and provide
better tax payer services.
 Set up to modernize the system
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Managed by NSDL on behalf of IT Dept.
NSDL has facilitation centres all over the
country – called TIN FCs.
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TIN FC services – Acceptance of applications
for new TAN/changes in existing TAN, filing
of e-TDS returns.
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www.tin-nsdl.com (TIN website)
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Also refer www.incometaxindia.gov.in
 Important
 aspects
 of
 eTDS
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Tax Deduction Account No.
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10 characters – e.g HYDA12345E
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Every deductor should have a TAN.
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Quote correct TAN in TDS returns, challans
and TDS certificates
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No TAN - Apply in Form 49 B at TIN FC
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Surrender duplicate TANs
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Not sure of your TAN or have TAN of old
series – contact TDS officer to know correct
TAN.
To be filed quarterly (w.e.f Fin Yr 2005-06)
Also called quarterly statements.
Format prescribed by I T dept – available on TIN
and Dept. websites.
Form Particulars
no.
Due date
24Q
First 3 quarters – within 15 days from
end of quarter
Last quarter – 15th May (15th June up
to FY 2009-10)
TDS on
“Salaries”
26Q TDS on
First 3 quarters – within 15 days from
end of quarter
Last quarter – 15th May (15th June up
to F.Y. 2009-10)
27EQ TCS
First 3 quarters – within 15 days from
end of quarter
Last quarter – 30th April
payments
other than
“Salaries”
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TDS challans do not contain details of
deductees.
Deductee information available only in TDS
returns
Both data matched by NSDL
PAN ledger created for every valid PAN –
called Form 26 AS
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Electronic tax credit statement for a F.Y.
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Contains details of TDS, TCS and other taxes
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PAN ledger entries dependent on:
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error free challans
Filing of returns without errors
Quoting of correct PAN of deductee in TDS
return
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Annexureless I T returns – no need to
enclose TDS certificates
Deductee gets TDS credit on basis of PAN
ledger entries
In future TDS certificates will be in
electronic form only
As per prescribed file formats.
1. Use Latest Return Preparation Utility
(RPU)software of NSDL. Freely
downloadable.
2 In house software or
3 Software sold by vendors
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Return should have minimum no. of
structurally valid PANs
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W.e.f 01.04.2008, limits are:
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Form 24 Q – atleast 95%
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Form 26Q / 27 EQ – atleast 85 %
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File statement with available PANs and omit
records without PAN– CBDT clarification dt.
11th Aug 2008.
Do not change the challan amount
File correction (revised) statement as and
when missing PANs are obtained.
Correction statements – can be filed any
number of times. No time limit.
Can use RPU or other software – just as for
original/regular statement.
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Validate using File Validation Utility software
(FVU) of NSDL.
FVU - Freely downloadable from TIN website
Also inbuilt in RPU.
Stand alone version available for those using other
than RPU.
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Checks format level accuracy only.
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Does NOT check correctness of tax deduction
Compulsory for:
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Central/State Government DDOs
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Companies
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Tax audit cases in preceding F.Y.
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Deductors who have atleast 20 deductee
records in any quarterly statement
filed during the year
Optional for other deductors
1. At any TIN FC
2. Can be filed online with digital signature
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Copy .fvu file on to a floppy/CD.
Form 27A/27B - verification form to be
filed when return is filed on computer
media.
Form available on TIN and Dept websites
‘Statement Statistics Report’ – will help in
filling Form 27A/27B.
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Provisional receipt issued. Will have a
number (PRN) & statistical details
of
return
Deemed acceptance of “quarterly
statement”.
Upload charges or fees to be paid
Preserve .fvu files and provisional
receipts carefully.
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If not accepted, non-acceptance memo
issued.
No upload charges to be paid
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In case of any errors/discrepancies
I.T.Dept / N.S.D.L. will intimate
and ask for clarification
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Defects should be rectified.
Errors in statement - File correction
viz. revised statement
Errors in challan:
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Correction of name, amount
and major head code (co/non-co
deductees)
– contact bank
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Other corrections - contact
TDS Assessing Officer.
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Govt. deductors/collectors – By way of
book entry. To be done on same day.
Others – By actual payment using
challan.
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Electronic payment – through net banking or
debit card
Facility available on Dept/NSDL sites
Compulsory for corporates and tax audit
cases
30 authorised banks – list available on
websites
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All DDOs come under this category.
Each DDO should have separate TAN.
Book adjustment – to be reported on same
day.
Challan–7th of following month (amended
rules)
Filing e-TDS/TCS quarterly statement
compulsory.
Month of payment and not month in which
salary is due to be mentioned in statement.
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Use only TDS/TCS challan – Form ITNS 281
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Quote TAN correctly and legibly
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Do not quote PAN in place of TAN
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Use separate challan for each section – no
clubbing
Use separate challan for corporate/noncorporate deductees – no clubbing
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Do not mix up FY and AY
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Do not use different TANs in different challans
(surrender duplicate TANs)
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Do not wait till due date when paying by cheque.
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Do not forget to check if CIN is stamped on
counterfoil.
Components…
Sl.No.
Particulars
No. of
characters
e.g.
01
BSR code
7 digits
0340777
02
Challan Serial No.
Upto 5 digits
00025
03
Date of tender
DD/MM/YY
23/06/2011
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Use RPU own software or third party
software
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Only records needing correction to be
furnished.
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F.Y., A.Y. and quarter cannot be updated
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For TDS made on or after 01.4.2011(Other
than u/s. 192),
Issuance of TDS Certificates in Form No. 16A
downloaded from TIN Website –
Mandatory for Banks, Banking Co. as per
Circular No. 03/2011, dt. 13.5.2011.
THANK
YOU