CPC (TDS)
advisory for submitting Form 24Q, Q4 TDS statements for Financial Year 2013-14
Communication 39
dated 12th April, 2014
As esteemed stakeholder of CPC(TDS),
it may be noted that the due date for filing 24Q quarterly TDS statement for
4th quarter of FY 2013-14 is approaching fast. You are advised to file TDS
statements well before due date (15th May, 2014).
It is also requested to refer to Circular
8 of 2013 dated October 10, 2013 in the context of Tax Deduction at
Source on Salary Income (attached for your reference) for Computation of
Income and Manner of deduction of tax at source.
In addition, please make note of the
following key facts before filing the quarterly TDS statement:
Correct
Reporting:
·
Cancellation of TDS Statement and
deductee row is no longer permissible. Accordingly, it is very important to
report correct and valid particulars (TAN of the deductor, Category
(Government / Non-Government) of the deductor, PAN of the deductees and
other particulars of deduction of tax) in the quarterly TDS statement.
·
Validate
PAN and name of fresh deductees from TRACES
before quoting it in TDS statement. TAN-PAN Master can be downloaded from
TRACES and be used to file statement to avoid quoting of incorrect and
invalid PANs.
·
Quote
correct and valid lower rate TDS certificate
in TDS statement wherever the TDS has been deducted at lower rate on the basis
of certificate issued by the Assessing Officer. Please raise Flag
"A" in the statement for such instances.
·
TDS statement must be filed by quoting
challan(s) validated by CSI (Challan Status Inquiry) File and using correct
Challan Identification Number (CIN)/ Book-entry Identification Number (BIN).
Complete
Reporting:
·
Please also complete Annexure II
for all employees who work or have worked for any period of time during the
current financial year, including Annexure I for TDS details. TDS Certificates
will not be generated for deductees, for whom Annexure II has not been
completed.
·
For employees who are employed
with more than one employer/ different branch offices, during the financial
year, employee should declare previous salary and TDS details, if any, with the
current employer and the same should be considered by the current employer
while deducting TDS on salary. If taxes have been deducted by previous
employer(s)/ branch(es), CPC(TDS) will issue Form 16 Part A to
respective employer(s)/ branch(es) during the Financial Year. Part B is to
be issued by the employer(s)/ branch(es).
·
Completeness of statement will
ensure that a C5, C3 or C9 correction can be avoided. It may be noted
that CPC (TDS) does not encourage C9 corrections by addition of a new
challan and underlying deductees.
Mandatory
Downloading of TDS Certificates from TRACES:
·
On the basis of information
submitted by the deductor, CPC(TDS) will issue TDS Certificates that can be
correct depending on correct and complete reporting by deductors.
·
Your attention is invited to CBDT
circulars 04/2013 dated 17.04.2013, No. 03/2011 dated 13.05.2011 and No.
01/2012 dated 09.04.2012 on the 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 TRACES.
·
Please note that under the
provisions of section 203 of the Income Tax Act, 1961 read with rule 31A,
Certificate of tax deducted at source is to be furnished within fifteen (15)
days from the due date for furnishing the statement of tax deducted at
source.
·
You can logon to our portal TRACES
and refer to our e-tutorials
to download TDS Certificates.
Please submit the statement within
due date to avoid Late filing fee, which, being statutory in nature, cannot be
waived. It is therefore, suggested to take appropriate action with respect to
the above while filing TDS statements.
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