E - FILING OF TDS RETURNS STATISTICS TDS CPC has processed up to 101.40 lacs original returns, 40.36...

TRACES CA ANKIT P. SANGHAVIPANKAJ P. SANGHAVI AND CO.

CHARTERED ACCOUNTANTS

CONGRATS

The Centralized Processing Cell (CPC) TDS has received the e-Governance award “GOLD AWARD” for the year 2014-15 for excellence in Government Process Re-Engineering

PANKAJ P. SANGHAVI AND CO.

AGENDA

TRACES – An Introduction

Objectives laid down by TRACES

Services provided by TRACES

Online TDSCPC

Application u/s 197 Online

Questions

TRACES

• TDST

• ReconciliationR

• AnalysisA

• CorrectionC

• EnablingE

• SystemS

OLD SYSTEM VS THE NEW

•Credit of TDS was claimed through manual TDS Certificates

•Verification from the Deductor was limited and restricted

•TDS was open ended leading to TAX frauds

•With the New 26AS, the deductee can view the credit of TAX to his account

•Introduction of transparency in the system through online display of information

•A robust mechanism that ensures correct, reliable flow of data to the departments database and its collation on the basis of Taxpayer PAN preventing revenue leakage

OBJECTIVES

Comprehensive Technology Platform

Enhance TDS Processing

Capabilities

Streamlining Tax Accounting

Addressing TDS mismatch

issues

Minimize TDS Frauds

OBJECTIVES

Release Manpower from Bulk functions

Business Analytics capabilities

Improve filing of Income Tax Returns

and reporting correct Income

Policy Formation insights through data related to nature and

extent of Financial Transactions

KEY STATISTICS

TDS CPC has processed up to 101.40 lacs original returns, 40.36 corrections uptoJune 30, 2014.

This accounts for 99% of the total original statements filed and 98% of the correction statements filed.

A total of 75.34 lacs of Default paper intimations have been issued

The average time taken for processing the statements is less than 5 days from date of filing

TDS COLLECTION (AMOUNT IN CRORES)

143496

160769

201983

222014

260052

2009-10 2010-11 2011-12 2012-13 2013-14

TDS COLLECTION

DUE DATE MANAGEMENT

Financial Year Percentage of

Statements received

within the due date

Percentage of Statements

where TDS payments were

made within due date

2010 35.80 71.70

2011 40.10 72.30

2012 # 52.80 74.60

2013 73.10 79.40

SERVICES PROVIDED BY TRACES

SERVICES

Services To

DeductorsTax

PayersAssessing Officers

DEDUCTOR

Dashboard

Online Corrections

Defaults Summary

Online PAN Verification

Online verification

of Satementsu/s 197

Statement and

Challan Status

TAN-PAN C4onsolidat

ed File

Downloads

E-Tutorials and FAQ’s

TAXPAYER

Downloads

Feedback Module

Comprehensive view of Defaults

of all TAN’s related to PAN

Non – Resident Tax Payer

Registration

TDS OFFICERS

Consolidation and update to TDS Demand

Views and Downloads

Challan Correction

Generation of customized MIS

and Data Analytics Reports

E - FILING

SOFTWARES FOR E-FILING

NSDL provides it’s own Return Preparation Utility (RPU)

Other Softwares are: Fast Facts from Thompson Reuters, E-TDS from KDK Software, Genius TDS, SimpleTax TDS and many more.

24Q and 26Q can be directly generated from TALLY ERP.9 software.

PROCESS

• Fill in the requisite data in the software

Validation

• Validate the File using the latest FVU released by NSDL

Filing

• File the return with E-Intermediary of NSDL in CD, Pen-Drive along with Form 27A duly signed.

NON APPLICABILITY

In case the deductor has a TAN No., but in a certain quarter does not have any deductions.

The deductor has to submit an online Declaration of Non-Filing of Statements

The option is available after logging on the TRACES website under Statement/Payments menu as the last option “Declaration of Non-Filing of Statements”

The deductor also should mention the reason for Non Filing form a drop down menu

COURSE OF ACTION FOLLOWED BY THE DEPARTMENT

CPC processes the statement till the stage of FORM 26AS generation for deductees reported.

Short Payments, PAN Errors will be identified at this stage

The statement shall be put on hold for further processing and an opportunity shall be given to correct the potential defaults of Short Payments, PAN Errors, etc.

COURSE OF ACTION FOLLOWED BY THE DEPARTMENT …

CPC then intimates the defaults via Email, SMS and communication through the Inbox in Traces

The above corrections need to be carried out within 7 days by using Online Correction.

Post that the Final Processing will be done by the Department

FEATURES OF THE NEW FVU . . .Quoting of AIN

• It will be mandatory to quote AIN if payments are made by transfer voucher

• Applicable to Regular Statements as well as correction statements if deductor details have been updated

Nature of Remittances (27Q)

• Number of Nature of Remittances have been pruned.

Changes in Validation for Chapter VI A Section ID

• Deduction amount allowed under section 80 CCE has been enhanced to Rs. 1,50,000/-

• Applicable to Form 24Q (4th Quarter)

FEATURES OF THE NEW FVU (CONTD…)Quoting of PAN

• Quoting of PAN of person responsible for deducting / collecting TAX

• Applicable to regular as well as all correction statements from F.Y. 2007-08 onwards

Quoting of BIN

• It will be mandatory to quote BIN details only of TDS/TCS statements pertaining to FY 2013-14 onwards

Deductee Details

• In case of C remark under Annexure I one more field has been allowed to be filled in as “Total Tax Deposit”

ONLINE TDS CPC

Default

Summar

y View

Personal

Informati

Challan

Correctio

(Annexur

Correctio

(Annexur

Challan

Statement

Interest,

Levy and

Payment

Modify

Deductee

Delete /

Salary

Deductee

Online

with D

Prior to

2013-14Y Y Y N N Y Y N N

2013 – 14

onwardsY Y Y Y Y Y Y Y Y

Online

without

Prior to

2013 - 14Y N Y N N Y Y N N

2013 – 14

onwardsY N Y N N Y Y N N

CORRECTION MATRIX

PROCESSES

REGISTRATION and LOGIN

DOWNLOADS

ONLINE CORRECTION

MISCELLANEOUS

Registration and Login

• Registration and Login

• Forgot User ID

• Forgot Password

Downloads

• Consolidated File

• Justification Report

• Form 16

• Form 16A

• Traces PDF Generation Utility

• Transaction Based Report

Online Corrections

• Overbooked Challan

• Add Challan

• Add or Delete Salary Detail

• Challan Correction

• PAN Correction

• Personal Information Correction

• Pay LP LD Late Filing

• Tag Replace Challan

• Add/Modify Deductee Detail

• Movement of Deductee Row

Miscellaneous

• View Statement Status

• Default Correction

• Validate Certificate u/s 197

• Request for Resolution

• Declaration of Non-Filing of Statements

• Digital Signature Supported KYC Validation

• PAN Verification consolidated PAN-TAN File

APPLICATION U/S 197 ONLINE FACILITY AVAILABLE ONLY TO

AAMCHI MUMBAI

REGISTRATION PROCESS

Same TAN cannot be registered twice

If an error message appears “Invalid details” or “Your TAN is not available”

You have not filed any statements in the last eight quarters

You might not have filed any of your statements electronically

TRACES has advised to use the following browsers

Internet Explorer Version 8 or above

Chrome version 23

Mozilla Firefox

Token No. must be entered of the corresponding Financial Year, Quarter and Form Type displayed on the screen.

CIN details must be entered for the challan which is deposited and mentioned in the statement corresponding to the Token no. entered as above.

If the challan details and the unique PAN – amount combination have been modified in the correction statement relevant to the regular statement, then mention the modified particulars of the challan and unique PAN – Combination.

Amounts to be entered always in 2 decimal places eg. 7200.00

Total 3 PAN – Amount combinations are to be entered. If less than 3 then enter all of them.

In case while submitting the contact details online, the details submitted are incorrect, one shall have to wait for 24 hours.

After 24 hours the account gets de-activated, one can restart the process of registration.

The password should contain a minimum of 8 alpha numeric characters with at least one letter in upper case.

JUSTIFICATION REPORT

It is a document which serves as an annexure to the intimation to be sent to the deductor. Intimation will be sent to the deductor through mail/post but a justification report will have to be downloaded from the portal.

This document consists of various defaults/errors identified by the Income Tax Department (ITD) while processing the statement filed by deductor during a particular quarter of a financial year. It provides detailed information about the defaults/errors that needs to be rectified by deductor by filing correction statement and payment of the necessary interest/fees/other dues. Deductor can also provide clarification for any of the errors identified.

JUSTIFICATION REPORT

Justification Reports can be downloaded till Financial Year 2007-08. Justification report will not be available if your statement has no defaults.

If the errors that are identified from the justification report require us to file an revised return, then a simultaneous download of the Consolidated File shall save a lot of time and energy.

Justification Report: JR_TAN_FormType_Quarter_FY

Eg. : JR_CALA12345D_24Q_Q3_2010-11

E - FILING OF TDS RETURNS STATISTICS TDS CPC has processed up to 101.40 lacs original returns, 40.36...

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