CPC (TDS) has issued a advisory communications specially for TDS Deductor regarding TDS Compliance. The Central Processing Cell has extended registered Deductors over 3 crore and therefore, CPC (TDS) suggest the Basic Principles of TDS Compliance and Complete TDS Compliance which is as under:
The Basic principles of TDS compliance are as follows:
The Basic principles of TDS compliance are as follows:
- Deduction/Collection of tax at correct rates at right time
- TDS needs to be deposited timely every month.
- Accurate Reporting of data related to tax deductions/ collections made
- Filing of the quarterly TDS return within due time.
- Verification and Issuance of TDS Certificates within stipulated time.
- During the past year, CPC (TDS) released a host of useful utilities at TRACES, including the following, that we feel would be helpful in our journey together towards achieving default-free TDS Compliance:
- CPC (TDS) is now sending "Intermediate Default Communication" for PAN Errors and Short Payments, which can be corrected during the interim period of a week of filing TDS Statements, before CPC (TDS) proceeds with computing Defaults for the relevant statement.
- User-friendly Online Correction facility can be used for Correction of Deductees, Tagging Unmatched Challans and Payment of Fees/ Interest. (Please navigate to Defaults tab to locate Request for Correction from the drop-down menu. For any assistance, please refer to the e-tutorial available on TRACES).
- Aggregated TDS Compliance Report assists the PAN of the Deductor to administer TDS Defaults for associated TANs and to take appropriate action
- The Deductor's Dashboard provides you all necessary information to assist you in "Compliance Self-Assessment" and to take appropriate action.
- Non-filing Self-declaration can be made by navigating to Statements / Payments menu and submit details under Declaration for Non-Filing of Statements.
- PAN Verification and Consolidated TAN - PAN File facility on TRACES can be used for verifying the deductees.
- The Conso Files and Justification Reports downloaded from TRACES help you to identify errors in submission of revised Quarterly TDS Statements.
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