Communication
Number 26, dated 28th February, 2014
CPC (TDS)
reminder communication to file TDS Statements for Q3, 2013-14
As per the records of the
Centralized Processing Cell (TDS), TDS Statements have been filed for Q2, FY
2013-14, however, no TDS Statements have been filed for Q3, FY 2013-14 as
yet. In this regard, your urgent attention is invited to relevant CBDT
Circulars and provisions of the Income Tax Act, mandating filing of TDS
Statements and Issuance of TDS Certificates downloaded from TRACES.
Mandatory
filing of TDS Statements:
You are advised to refer to Section
200(3) of the Act, read with Rule 31A, which reads as follows:
Every person responsible for deduction
of tax under Chapter XVII-B, shall, in accordance with the provisions of
sub-section (3) of section 200, deliver, or cause to be delivered, the
following quarterly statements to the Director General of Income-tax (Systems)
or the person authorised by the Director General of Income-tax (Systems),
namely:
·
Statement of deduction of tax under section
192 in Form No. 24Q;
·
Statement of deduction of tax under
sections 193 to 196D in-
- Form No. 27Q in respect of the deductee who is a non-resident not being a company or a foreign company or resident but not ordinarily resident; and
- Form No. 26Q in respect of all other deductees.
It is, therefore, advised to file
the applicable TDS Statements at the earliest to comply with the above
provisions.
Implications
of Non/Late filing of TDS Statements:
For Tax
payers: Non/ Late filing of TDS statements
results into the TDS Credit not being available to the deductees (employees /
vendors) for claiming the amount of tax already deducted from the payments made
to them besides generating correct TDS Certificates for them.
For
Deductors: In case of default on account of
Non / late filing of TDS Statements, a fee shall also be levied on the deductor
u/s 234E of the IT Act which reads as under:
Where a person fails to deliver or cause to be delivered a
statement within the time prescribed in sub-section (3) of section 200 or the
proviso to sub-section (3) of section 206C, he shall be liable to pay, by way
of fee, a sum of two hundred rupees for every day during which the failure
continues.
Issuance
of TDS Certificates downloaded from TRACES:
CBDT Circulars 04/2013 dated
17.04.2013, 03/2011 dated 13.05.2011 and 01/2012 dated 09.04.2012 refer to Issuance
of certificate for Tax Deducted at Source in Form 16/16A as per IT Rules
1962. It is now mandatory for all deductors to issue TDS certificates after
generating and downloading the same from "TDS Reconciliation Analysis and
Correction Enabling System" or www.tdscpc.gov.in
(hereinafter called TRACES Portal).
In view of above circulars, it may
kindly be noted that the TDS Certificates downloaded only from TRACES Portal
will be valid. Certificates issued in any other form or manner will not
comply to the requirements referred in the Income-tax Act 1961 read with
relevant Rules and Circulars issued in this behalf from time to time. The TDS
Certificates can be downloaded by registering yourself with TRACES Portal.
You are accordingly advised to file
TDS Statements and also get Registered on TRACES Portal, if not done already.
The procedure of registration can be accessed by clicking the link https://www.tdscpc.gov.in/en/user-manual.html.
You may obtain BIN from PAOs and quote the same in the respective TDS
Statement.
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