An Informative Platform for Chartered Accountants(CA) and CA Students.

Just enter Your Email Address and get Updates directly to Your Inbox and Kindly Click the Email Subscription Confirmation Link sent in Your Mail.

TRACES - Common Rejection Reasons of Correction Statements

Monday, November 04, 2013 Posted by Unknown No comments
Communication Number 2, dated 9th October, 2013

Description: - Common Rejection Reasons of Correction Statements

Rejection Reason Displayed

Total Amount of Tax Deposited validation (Total Tax Deposited > or equal to Summation of Deductee Deposited Amount in Annexure I against that challan + Interest + Other) failed

Details & Rules

While accepting a Correction Statement at TDS CPC, it is checked that 'Total Tax Deposited' is greater than or equal to the 'Summation of Deductee Deposited Amount in Annexure I against that challan plus Interest plus Others'. However, a number of Correction Statements have been rejected due to above reason. The below table contains the scenarios of rejection and acceptance of correction statement

Sr.
No.
Total
Tax Deposited
(Col 11)*
Sum of
Deductee
Deposited
Amount
(Annex-
-ure I)
Others (Col. 21)*
Interest
(Col.
20)*
Comparison of
Total Tax
Deposited and
(Sum of Deductee
Deposited Amount – Annexure I + Others + Interest)
Sum of
Deductee
Deposited
Amount
(Annex-
-ure I)
1
1000.00
800.00
50.00
100.00
Total Tax Deposited is greater
Correct
2
1000.00
900.00
100.00
200.00
Total Tax Deposited is lesser
Incorrect
3
1000.00
800.00
100.00
100.00
Total Tax Deposited is equal
Correct

* Column number as in NSDL RPU

Advise

Deductors are advised to use a software to prepare Correction Statement which has inbuilt validation to check the mismatch. NSDL RPU has these validations in place.

0 comments:

Post a Comment

Related Posts Plugin for WordPress, Blogger...