Communication dated 24th May, 2014
CPC (TDS) Communication: Correction Statements filed for
Valid to Valid PAN Changes after over an Year
CPC (TDS) has observed from its
records that you have filed correction statements, which include updations
from Valid to Valid PANs, after a significant delay of over an year.
Implications
of reporting incorrect Deductees in TDS Statements:
·
The Deductor will not be able to
provide TDS Certificate within specified time period to correct
deductee.
·
The correct deductee will not be
able to avail the credit of TDS deducted in the same financial year, in
which the tax has been deducted.
·
Under Section 277 of the Income Tax
Act, 1961, if a person makes a statement in any verification under this Act
or under any rule made thereunder, or delivers an account or statement which
is false, and which he either knows or believes to be false, or does not
believe to be true is punishable and shall be deemed to be an assessee in
default.
Actions to
be taken:
·
Please note that there are limited
opportunities for Valid to Valid PAN Corrections. Correct reporting at the
first instance will help in avoiding submitting Correction Statements.
·
In case of any errors observed in
reporting, the Corrections must be reported at the earliest to avoid
unwarranted delays.
·
The Deductor must ensure that the
PANs for deductees reported in TDS Statements are valid and correct.
TAN-PAN Master can be downloaded from TRACES and should be used to file
statements to avoid quoting of incorrect PANs.
·
Please Login to TRACES and navigate
to "Dashboard" to locate "PAN Verification"
in the Quick Links menu. The functionality to download Consolidated
TAN - PAN File has also been provided that includes all the PANs attached
with the respective TANs.
·
You can use the facility of Online
Corrections at TRACES with Digital Signature to correct PANs. Please refer to e-tutorials for assistance.
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