Saturday, October 12, 2013

POINTS TO REMEMBER FOR PREPARATION OF TDS RETURN ( AS AMENDED )

The due date of filing of quarterly TDS statement for second quarter of FY 2013-14 is 15th October

Keep note of the following facts before preparation of the quarterly TDS statement:

·         CORRECT REPORTING: it is very important to report correct and valid particulars PAN of the deductees and other particulars of deduction of tax as Cancellation of TDS statement and deductee row is no longer permissible.

·         Quote correct and valid lower rate TDS certificate in TDS statement wherever the TDS has been deducted at lower/zero rate on the basis of certificate issued by the Assessing Officer

·         It is mandatory to quote the last accepted provisional receipt number of the regular quarterly TDS/TCS statement of any form.

·         TDS statement can not be filed without quoting any valid challan and deductee row.

·         Late filing fee, being statutory in nature, can not be waived.

·         Validate PAN and Name for old as well as new deductees from TRACES and use the same to file new statement to avoid quoting of incorrect and invalid PAN.

·         Download TDS certificate from TRACES bearing unique TDS certificate number and issue to the taxpayers within due date.

·         File correction statements promptly in case of incomplete and incorrect reporting.

·         Download the justification report to know the details of TDS defaults, if any, on processing of TDS statement