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1 WELCOME TO TDS AWARENESS / e-filing of TDS Returns PROGRAMME – 07.08.2014 TDS WARD, MADURAI.

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Presentation on theme: "1 WELCOME TO TDS AWARENESS / e-filing of TDS Returns PROGRAMME – 07.08.2014 TDS WARD, MADURAI."— Presentation transcript:

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2 1 WELCOME TO TDS AWARENESS / e-filing of TDS Returns PROGRAMME – TDS WARD, MADURAI

3 What is TDS With holding tax or Tax deduction at source means, deduction of tax as and when the transaction takes place i.e, when the payment is made or payable, which ever is earlier. With holding tax or Tax deduction at source means, deduction of tax as and when the transaction takes place i.e, when the payment is made or payable, which ever is earlier. Since Government needs revenue to function, it is very important to have a flow of revenue to meet the expenditure. Since Government needs revenue to function, it is very important to have a flow of revenue to meet the expenditure. 2

4 TDS Cycle  Indentifying the transaction Tax deduction and remittance Tax deduction and remittance Collection of CIN/BIN (Book Identification Number) Collection of CIN/BIN (Book Identification Number) Preparation of Quarterly e-TDS returns Preparation of Quarterly e-TDS returns Uploading the e-TDS return through TIN-FC Uploading the e-TDS return through TIN-FC Issue of Form No.16/16A Issue of Form No.16/16A 3

5 Identifying the transaction First check whether the payment made is attracts TDS liability or not, then classify the payment into two categories First check whether the payment made is attracts TDS liability or not, then classify the payment into two categories 1. Salary 1. Salary 2. Non-Salary (Contract Payments, Professional Fees, Parking lot lease etc.,) 2. Non-Salary (Contract Payments, Professional Fees, Parking lot lease etc.,) Note: Even payable entries(transactions) also attracts Tax deduction at source. Note: Even payable entries(transactions) also attracts Tax deduction at source. 4

6 Tax deduction and remittance It is the duty of the deductor (who is responsible of signing the bills or the paying authority) to deduct income tax at the time of payment as per the prevailing rates and make sure correctness of the details of PAN which is submitted by the deductee/payee. It is the duty of the deductor (who is responsible of signing the bills or the paying authority) to deduct income tax at the time of payment as per the prevailing rates and make sure correctness of the details of PAN which is submitted by the deductee/payee. Remittance: Remittance: 1. By Challan (No.281, for the TDS payments) 1. By Challan (No.281, for the TDS payments) 2. By Book-adjustment (through Treasury or PAO) 2. By Book-adjustment (through Treasury or PAO) Time Limit: Time Limit: 1. If the tax is to be paid by challan – 7 th of the following month 1. If the tax is to be paid by challan – 7 th of the following month 2. If the tax adjusted through Book-adjustment – same day 2. If the tax adjusted through Book-adjustment – same day 5

7 Consequences in case of failure to remit / deduct the TDS Interest at the rate of 1.5% p.m, or part of the month, from the date of deduction to the date of actual payment, u/s 201(1A) of IT Act,1961. Interest at the rate of 1.5% p.m, or part of the month, from the date of deduction to the date of actual payment, u/s 201(1A) of IT Act,1961. if fail to deduct TDS, interest at the rate of 1% p.m or part of the month, from the date on which tax deductable to the date of actual payment u/s 201(1) of the IT Act,1961. if fail to deduct TDS, interest at the rate of 1% p.m or part of the month, from the date on which tax deductable to the date of actual payment u/s 201(1) of the IT Act,

8 Failure to pay tax deducted at source prosecution u/s 276B fo IT Act, 1961 Punishable with fine and rigorous imprisonment – minimum 03 months, maximum 07 years. Punishable with fine and rigorous imprisonment – minimum 03 months, maximum 07 years. 7

9 Payments made through Challan Points to remember (Very Important): Points to remember (Very Important): Use correct Challan (Challan No. 281) Use correct Challan (Challan No. 281) Mention Correct Code of Payment viz., 92A- Salary, 94C – Contract payment etc., Mention Correct Code of Payment viz., 92A- Salary, 94C – Contract payment etc., Enter the correct Assessment Year Enter the correct Assessment Year Enter the Correct TAN Enter the Correct TAN 8

10 Contd., Mention the Major head as 21, since the deductors are Govt., Mention the Major head as 21, since the deductors are Govt., What is Assessment Year? What is Assessment Year? A financial year starts from the month of 1 st April of the year to 31 st March. Example: FY , starts with to for this Financial year, the assessment year will be , and so on. A financial year starts from the month of 1 st April of the year to 31 st March. Example: FY , starts with to for this Financial year, the assessment year will be , and so on. 9

11 How to check the accuracy of the TAN? First check the allotment letter of TAN, if it is not available, you can check at First check the allotment letter of TAN, if it is not available, you can check at Failure to quote the TAN or entering the wrong TAN is liable for penalty of Rs.10,000/- u/s 272BB of IT Act, Failure to quote the TAN or entering the wrong TAN is liable for penalty of Rs.10,000/- u/s 272BB of IT Act,

12 Place the curser on TAN, click on “Know your TAN”, it will take you to a new window… Place the curser here Click to verify You can download challan

13 Enter the mandatory details (you can check by entering name or TAN) You can search by name or entering the TAN

14 Payments made through Book-adjustment Points to be remembered: Points to be remembered: Quote correct TAN and Quantum of payment and tax deducted thereof and submit the particulars in time at District Treasury Office/PAO. Quote correct TAN and Quantum of payment and tax deducted thereof and submit the particulars in time at District Treasury Office/PAO. On receiving of particulars, the DTO/PAO files the monthly return in the Form no.24G which generates BIN. On receiving of particulars, the DTO/PAO files the monthly return in the Form no.24G which generates BIN. 13

15 BIN (Book Identification Number) Based upon the details submitted by the DDOs, the respective DTO/PAO will file Form No.24G (which is a monthly e-TDS return). Based upon the details submitted by the DDOs, the respective DTO/PAO will file Form No.24G (which is a monthly e-TDS return). On successful filing of Form No.24G, a unique number will be generated for each DDO, which is called BIN. On successful filing of Form No.24G, a unique number will be generated for each DDO, which is called BIN. This BIN need to be quote in the quarterly returns. This BIN need to be quote in the quarterly returns. 14

16 Where to get this BIN You can get from the respective DTO’s Office/PAO’s Office You can get from the respective DTO’s Office/PAO’s OfficeOr You can check in the income tax web site You can check in the income tax web site Navigation: Navigation: Go to Go to 15

17 Select “deductor” Click “check here to view BIN details” Click here Select the deductor

18 It will take to the new window Enter the necessary particulars

19 Let us see how to file the e-tds returns Now you all have the required details viz, Now you all have the required details viz, Challan details (or) BIN details Challan details (or) BIN details PAN of the deductees PAN of the deductees TAN particulars etc., TAN particulars etc., 18

20 Due dates for furnishing the e-tds returns PeriodicityGovt., deductor ( who remits the tax through Book-entry) Other than Govt., deductor / deductors who pay tax by way of challan 281. Q! (Quarter 1) 1 st Apr – 30 th Jun 31 st JULY 15 th JULY Q2 (Quarter 2) 1 st Jul – 30 th Sep 30 th OCTOBER 15 th OCTOBER Q3 (Quarter 3) 1 st Oct – 31 st Dec 1 st Oct – 31 st Dec 31 st JANUARY 15 th JANUARY Q4 (Quarter 4) 1 st Jan – 31 st Mar 15 th MAY 19

21 Levy of Fee u/s 234E for the delay in filing of e-tds returns. Note: u/s 234E of IT Act, 1961, the mandatory Rs. 200/- per day from the due date to submit the e-returns till the day of filing (restricted maximum of tax remitted in the particular quarter), this provision applicable to all type of deductors including Govt., deductors. Note: u/s 234E of IT Act, 1961, the mandatory Rs. 200/- per day from the due date to submit the e-returns till the day of filing (restricted maximum of tax remitted in the particular quarter), this provision applicable to all type of deductors including Govt., deductors. 20

22 Prerequisite for preparation of e-tds returns e-TDS RPU (Return Preparatory Utility) software e-TDS RPU (Return Preparatory Utility) software FVU software (File Validation Utility) FVU software (File Validation Utility) CIN/BIN particulars CIN/BIN particulars PAN of the deductees PAN of the deductees 21

23 Where to get these software ? Go to the website of NSDL, Go to the website of NSDL, Click on e-tds/e-tcs filing Click on e-tds/e-tcs filing Click on e-tds/e-tcs RPU Click on e-tds/e-tcs RPU 22

24 23 Click here

25 Click on “download RPU version 4.0 (applicable from June 28, 2014)”, for the earlier years version is Click here

26 25 Click to download NSDL RPU NSDL RPU

27 26 Click to Click to SAVE SAVE

28 27 Click to install RPU RPU

29 After installing the software, the screen will appear as follows, 28 Click to run Click to run RPU RPU

30 Click on the button “RPU, RPU 4.0, NSDL”, the screen will appear as shown below. 29 Select, 24Q – Salary, 26Q – Non Salary, 27EQ – TCS.

31 Contd., 30 Select “Regular” for new/fresh return SSelect “Regular” for new/fresh return

32 31 Select Quarter Enter FY Enter all Particulars with out fail

33 Click, if the particulars are same as above Select YES, if you filed regular return, earlier. Mention the 15 digit number of the earlier regular return

34 Click, to enter the challan/BIN details Click here, to enter the no.of challan/Transfer voucher details

35 Enter the no. of rows/challans to be entered Click OK, after entering the no. of rows

36 Late fee u/s 234E has to be entered under the “FEE” column Select section code, as per the nature of payment

37 Click “YES”, if the TAX is paid through Treasury Enter the BIN particulars Select “200”, for normal TDS payments or “400”, for demand raised by the IT Dept., Enter 07 digit BIN no., received from the Treasury

38 Don’t leave any ‘AMOUNT’ column blank, enter “0” if not applicable.

39 Click here to enter the deductee details Click here to enter the no.of rows required

40 Enter the serial no. of the deductee Select the challan no. to which the deductee is to be mapped Follow the “HELP” guidelines to map the challans, carefully.

41 After saving the file, click on “create file”, to create and validate the TDS/TCS statement For opening the previous saved file, press OPEN After preparing the return, SAVE for future references

42 Now the final step – “validating the statement” 41 Import.csi downloaded from the ‘challan status enquiry’ from TIN website. After selecting the path where.fvu & Form no.27A is to be saved, click on validate button. Select the path where.fvu file and Form no.27A is to be generated

43 How to download.csi file from the TIN website 42 After entering the NSDL website, click “challan status enquiry”, this window wil appear Select the “TAN Based view”, it will lead you to a new window.

44 Enter the period to fetch all the challans paid during that period. Enter the TAN

45 On successful passing the validations,.fvu file and Form no. 27A will be generated on the system with suffix of “.fvu”, copy these files on a CD / Pen drive and submit these to any near by TIN-FC (TIN facilitation centers) after paying a nominal fee, as prescribed.

46 Let us see how to view “Individual Tax Credit” in Form No.26AS and how to e-file the “Individual Income-tax return”

47 If you are registered user then click “log in “ After entering the website of “www.incometaxin diaefiling.gov.in

48 If you are not registered earlier, click here If you are registered user, enter PAN, Password & DOB

49 After filling up the necessary details viz., PAN, Status, Mobile No. and ID, your “ID & Password “ will be created. By which you can view ‘Tax credit’ & file ‘individual return of income’ online.

50 You can calculate your tax here. After log-in, to submit Return of Income, click here Click here, to view your ‘tax credit’

51 After selecting view form 26AS, this window will appear Click here, to view your ‘tax credit’

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53 Select PDF, HTML, whatever the view you required Enter the Assessment year

54 The TDS deducted from the salary can view here One can view TAX paid other than TDS mode

55 How to download Form No. 16 & Form No.16A (for the Tax deductors only)

56 Go to

57

58 Some useful websites/links To view TAN&PAN,to download Challan and other circulars etc., To view TAN&PAN,to download Challan and other circulars etc., submit individual return of income, to view tax credit, to view demand raised and sent by the IT Dept., etc. submit individual return of income, to view tax credit, to view demand raised and sent by the IT Dept., etc. download e-tds RPU, FVU and challan status report and other related information. download e-tds RPU, FVU and challan status report and other related information. download Form No.16/16A and justification reports etc., download Form No.16/16A and justification reports etc., 57

59 List of TIN-FCs in Dindigul District 1. Religare Securities Limited – No.9/111C, LGB Compund, Mengles Road, Dindigul Religare Securities Limited – No.9/111C, LGB Compund, Mengles Road, Dindigul Integrated Registry Services Limited – No.24/51, New Agraharam, Palani Road, Dindigul – Integrated Registry Services Limited – No.24/51, New Agraharam, Palani Road, Dindigul – 1. 58

60 59 THANK YOU

61 Please send your feedback/suggestions to PA (Accounts) to Collector, Dindigul through . 60


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