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July 29, 2020

Dos and Don’ts For TDS Deductors, Deposit, Statement Filing & demand closure

by facelesscompliance in Income Tax

Dos and Don’ts For TDS Deductors, Deposit, Statement Filing & demand closure

DOs FOR TDS DEPOSIT AND STATEMENT FILING

1. Deposit TDS & File statement before due dates to avoid last moment hustle and late payment of interest & late filing fee respectively.(Note-the due date for filing Form 24Q for Q4 of FY 2019-20 is 31st July, 2020)

2. Always double check tan and ay while depositing challan.

3. Be Careful to:

(i) Quote correct PAN/AADHAAR of Deductee

(ii) Quote correct CIN/ BIN in TDS statement

(iii) Enter correct receipt number of TDS statement filed

(iv) Report correct data in ANNEXURE II of FORM 24Q

4. Issue of FORM 16 (TDS CERTIFICATE) to Deductee:

(i) Download and generate the FORM 16 from the TRACES portal only.

(ii) FORM 16 (for FY 2019-20) must be issued on or before 15th august, 2020

(iii) If employee has had multiple employer(s) during a financial year:

(a) Every employer will issue a separate Part A of Form 16, for the period of employment.

(b) The issue of Part B of Form 16 may be done by both employers or only the current one, as per choice of employee.

5. Download latest quarterly TDS statement utilities (RPU & FVU) from the TIN-NSDL website for preparation of TDS statement

DOs for avoiding demand creation and Facilitating demand closure

1. Always verify challan details at TRACES website before reporting the same in the TDS statement, to avoid short payment demand due to challan mismatch.

2. If demand is present in 24Q and challan is paid against the same, deductor must file correction in both ANNEXURE I and ANNEXURE II.

3. Always raise correct flag in Deductee rows as per reason for higher/lower/no deduction of TDS.

4. Regularly check the demand reflecting on traces login and take necessary action for closure of demand.

DOs while seeking help from TRACES

1. For guidance, go through the e-tutorials and faqs published on TRACES website, if the problem still persists, contact our helpdesk at 1800-103-0344 or contactus@tdscpc.gov.in or raise a grievance on “request for resolution” (TICKET).

2. Always mention complete query with financial year, form type and quarter details while creating tickets and mailing the grievance.

3. Always provide contact number of the concerned person who is creating the ticket.

4. If grievance is regarding error in online correction/digital signature, then please attach complete error screenshot for further analysis.

SOME DON’TS

1. DON’T share username or password of traces website with any unauthorized person.

2. DON’T report pan details in TDS statement without getting copy of PAN CARD

3. DON’T round-off the TDS amount at individual Deductee level, as the rounding off is done by TDS CPC system at a statement level.

4. DON’T report savings, deductions and rebates without taking proof of same from employees.

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