INSUBCONTINENT EXCLUSIVE:
All TDS deductors must download the TDS certificate from the TRACES portal.
The tax deducted at source (TDS) deductors who have deducted and have not deposited the same by the due date
must do so immediately, warned the income tax (I-T) department on Wednesday
The tax department further informed that any delay in the filing of TDS statement results in penalty of Rs 100 for each day of default, not
exceeding the amount of tax deductible/collectible
As a matter of fact, all TDS deductors must download the TDS certificate from the TRACES portal
The downloaded TDS certificate must be issued in form 16 to the salary income (by the employer to the employee) and form 16A on income other
than salary (for instance by bank to account holder) by March 31 and by June 15, respectively
The tax payers ought to register themselves at tdscpc.gov.in, the tax department informed on Wednesday.What Is TANWhile PAN is the permanent
account number used by every tax payer, and the TAN is tax deduction and collection account which is allotted to everyone who is supposed to
income tax department informed that the tax payers should quote correctly their TAN and also PAN of the deductees so that they get their due
It is noteworthy that the TDS certificate cannot be downloaded by quoting the wrong PAN number
The income tax department cautions the tax deductors to verify the genuineness of PAN of the deductees via the PAN/TAN master facility of
TRACES portal.TRACESTRACES is a virtual interface of the Income Tax Department useful to all stakeholders associated with TDS administration
It enables viewing of challan status, and Form 16 / 16A as well as viewing of annual tax credit statements
However, even if there is no transaction liable to TDS/TCS for the quarter, the TDS deductor is supposed to intimate the same to TRACES to
avoid the notice for non-filing of TDS statement.Who deducts TDSThere are several category of tax payers who are meant to deduct the TDS
For instance, as a tenant, you are supposed to deduct the TDS from the rent if you are paying rent over Rs 50,000
Similarly, the banks are meant to deduct the TDS when the interest paid is over Rs 10,000
Deductors may avoid defaults about PAN and challan errors in preliminary screening by responding to email/sms from CPC (TDS) within seven
days of receipt of email/sms.
