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FORM 16

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Should Taxpayers file Income Tax Returns if TDS or Transaction details during FY are not matching in Form 16, 26AS and AIS / TIS?

Should Taxpayers file Income Tax Returns if TDS or Transaction details during FY are not matching in Form 16, 26AS and AIS / TIS?

Every Taxpayer who will file Income Tax returns should ensure there is no mismatch between actual income/ transactions with 26AS Statements/ AIS or TIS and reconcile before uploading or filing tax returns

Ideally, everyone should aim to reconcile by 30 June and raise concerns with opp parties like Banks or Fin Institutions who have reported wrong transactions.

Following needs to check by all tax filers

26AS statement of TDS – with actual income from salary, interest, capital gain from shares & MF, other income etc

AIS & TIS Statement – with all high-value transactions, sale or purchase of property, rent received, foreign remittances, interest on deposits, GST turnover etc

Once your rectification is done, then only file your Tax Returns to avoid defective notice by Income Tax Department.

Our Office has not yet filed a single tax return, as first, we need to ensure all stakeholders’ data is correctly reflected and reconciled. Don’t be in a rush to file tax returns. Ensure you file your returns accurately and with the correct data based on 26AS, AIS & TIS.

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

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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