SALEM NAMAKKAL TDS AWARENESS OUTREACH PROGRAM-2024.pptx

income tax tds 2023-24

1. TDS AWARENESS MEETING-2024 for TAX DEDUCTORS SALEM DT. TRACES TDS Reconciliation Analysis and Correction Enabling System 1

2. HEARTY WELCOME TO ALL THE TAX DEDUCTORS PARTICIPATED IN THIS TDS AWARENESS MEETING. ITO(TDS) WARD, SALEM. 2

3. E -TDS AWARENESS MEETING

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5. E -TDS AWARENESS MEETING OTHER THAN SALARY

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8. APPLICABILITY OF SECTION

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12. https:// www.protean-tinpan.com /

13. 24G-BIN VIEW

14. HOW TO CHECK BIN

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17. E -TDS AWARENESS MEETING MUST FOR FORM 16 PART-B

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22. E -TDS AWARENESS MEETING TDS AWARENESS MEETING

23. OLD VS NEW TAX SLAB

24. MARGINAL RELIEF

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26. TRACES TDS AWARENESS MEETING

27. Online Corrections This feature enables the Deductor to file Online Correction statements through TRACES portal without downloading TDS/TCS Consolidated File. Following facilities are allowed in Online corrections: 31

28. https:// www.tdscpc.gov.in CPC (TDS) for Deductors TRACES Online Corrections OLTAS Challan Correction Request for 26A/27BA Online PAN Verification Justification Report Statement and Challan Status TAN – PAN Consolidated File Downloads TDS Certificates Form 16/ 16A Form 27D Transaction Based Report for Non – Residents Consolidated Statement File Justification Reports e-Tutorials and FAQs Circular and Notifications CPC (TDS) Communications 32

29. TRACES HOME PAGE AFTER LOGIN

30. TRACES DASHBOARD VIEW

31. STATEMENTS/PAYMENTS

32. View Default Summary 37

33. View Default Summary 38

34. Functionalities under Statement/Payment Menu Statement Status Challan Status View TDS/TCS Credit PAN Verification Request for Conso File Validate Lower Deduction Certificate u/s 197/195(3) Request for Refund Declaration for Non- filing of Statement Request for OLTAS Challan Correction Request for 26A/27BA 39

35. Functionalities under Defaults Menu View Default Summary Request for Correction Request for Justification Report Download Tag/Replace Challan 40

36. Types of Defaults S.No Type of Defaults 1 Short Payment Interest on Short Payment(1.5 % per month) 2 Short Deduction Interest on Short Deduction(1% per month) 3 Interest on Late Deduction( 1% per month) 4 Late Filing Fee U/S 234E(200 Rs/ Day up to the extent of TDS claimed in the statement) 5 Interest on Late Payment(1.5% per month ) 41

37. TDS deducted but Deductor fails to deposit whole or part of the TDS/TCS to government account. Short Payment SP_CM- Challan mismatch SP_LT- Less tax deposited SP_IC- Insufficient Challan 42

38. Short Payment :- Challan Mismatch If deductor mentions incorrect CIN/BIN details(i.e. - different details as per OLTAS/GOLTAS) or If deductor selects incorrect book entry flag (Y/N). Short Payment :- Less Tax Deposited If deductor claims more than the balance deposited. ( Ex - TDS deposited = 1000, TDS Claimed = 1500 Then short payment of RS 500 will generate due to less balance.) Short Payment :- Insufficient Balance (Overbooked Challan) If deductor deducts correct TDS amount but deposits less TDS. (Ex- TDS deducted = 1000, TDS Deposited = 500 Then short payment of RS 500 will generate.) 43

39. TDS is not deducted at prescribed TDS rate as per Income Tax Act, 1961. Short Deduction SD_PAN ERROR SD_197 Certificate SD_Other 44

40. Note : Tax should be deposited within seven days from the end of the month in which the deduction is made, for the month of March it can be deposited till 30 th April(For Non-Govt. Deductors ). Book Entry Flag should be raised according to the type of Deductor . Date of deduction should not be Null Date of Payment/credit should not be Null Date of Deduction should not be before the date of payment /credit Late Payment PAN Payment Amount TDS deducted TDS deducted on Due date of deposit TDS deposit on Late Payment AAAAA1234C 3,00,000 30,000 05-04-2017 07-05-2017 10-05-2017 900(1.5% of 30,000)*2 Late payment occurs when deductor deposit TDS amount after the due date of TDS Deposit date as prescribed by Income Tax Act 1961. 45

41. Note: Date of Payment and Date of Deduction should be same.   Date of deduction should not be Null Date of Payment/credit should not be Null Date of Deduction should not be before the date of payment /credit. Late Deduction TDS need to be deducted at the time of credit or payment whichever is earlier. Late Deduction occurs when the TDS is deducted later than the due date of deduction . PAN TDS Payment Date Due date of deduction TDS deducted on Late Deduction AAAAA1234C 15,000 03-04-2017 03-04-2017 05-04-2017 150(1% of TDS)*1 46

42. Note: Don’t delay in filing regular statement. Late Filing Late Filing generates when deductor files Quarterly TDS/TCS Statements after the due date. TDS deducted Due date of filing Return filed on Late Filing fee u/s 234E 15,000 31-1-2018 15-02-2018 3,000(200*15 days) 47

43. Due date of filing of TDS statements (24Q, 26Q and 27Q)- effective from 01-06-2016 (Q1-2016) Quarters Revised Due Dates (All Deductors) Q1 (Apr-Jun) 31st July of the Financial Year Q2 (Jul-Sept) 31st October of the Financial Year Q3 (Oct-Dec) 31st January of the Financial Year Q4 (Jan-Mar) 31st May of the immediately following Financial Year 1st Quarter 1st April to 30th June 15th July 2nd Quarter 1st July to 30th September 15th October 3rd Quarter 1st October to 31st December 15th January 4th Quarter 1st January to 31st March 15th May Due date of filing of TCS statement(All Deductors) 48

44. DOWNLOADS MENU

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47. To avoid defaults in TDS Deduct tax at source in time. Deposit TDS by due date month wise Make sure whether BIN is matched before TDS filing for Government Deductors Do E- tds statement by due date (24Q,26Q,27Q,27EQ) In case of delayed deduction / deposit ,calculate interest and deposit the same. Show such interest properly in e-TDS statement. Make sure all PAN are correct . 52

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51. 56 Prepared and done by L. VEERAKUMAR, M.Com ., TRPs VSQUARE EFILING CONSULTANCY