Monday 14 April 2014

CPC (TDS) advisory for submitting Form 24Q, Q4 TDS statements for Financial Year 2013-14

Dear Deductor,

Greetings from CPC(TDS) team.

As esteemed stakeholder of CPC(TDS), it may be noted that the due date for filing 24Q quarterly TDS statement for 4th quarter of FY 2013-14 is approaching fast. You are advised to file TDS statements well before due date (15thMay, 2014).

It is also requested to refer to Circular 8 of 2013 dated October 10, 2013 in the context of Tax Deduction at Source on Salary Income (attached for your reference) for Computation of Income and Manner of deductionof tax at source.

In addition, please make note of the following key facts before filing the quarterly TDS statement:

Correct Reporting:

· Cancellation of TDS statement and deductee row is no longer permissible. Accordingly, it is very important to report correct and valid particulars (TAN of the deductor, Category (Government / Non-Government) of the deductor, PAN of the deductees and other particulars of deduction of tax) in the quarterly TDS statement.
· Validate PAN and name of fresh deductees from TRACES before quoting it in TDS statement. TAN-PAN Master can be downloaded from TRACES and be used to file statement to avoid quoting of incorrect and invalid PANs.
· Quote correct and valid lower rate TDS certificate in TDS statement wherever the TDS has been deducted at lower rate on the basis of certificate issued by the Assessing Officer. Please raise Flag “A” in the statement for such instances.
· TDS statement must be filed by quoting challan(s) validated by CSI (Challan Status Inquiry) File and using correct Challan Identification Number (CIN)/ Book-entry Identification Number(BIN).

Complete Reporting:

· Please also complete Annexure II for all employees who work or have worked for any period of time during the current financial year, including Annexure I for TDS details. TDS Certificates will not be generated for deductees, for whom Annexure II has not been completed.
· For employees who are employed with more than one employer/ different branch offices, during the financial year, employee should declare previous salary and TDS details, if any, with the current employer and the same should be considered by the current employer while deducting TDS on salary. If taxes have been deducted by previous employer(s)/ branch(es), CPC(TDS) will issue Form 16 Part A to respective employer(s)/ branch(es) during the Financial Year. Part B is to be issued by the employer(s)/ branch(es).
· Completeness of statement will ensure that a C5, C3 or C9 correction can be avoided. It may be noted that CPC (TDS) does not encourage C9 corrections by addition of a new challan and underlying deductees.

Mandatory Downloading of TDS Certificates from TRACES:

· On the basis of information submitted by the deductor, CPC(TDS) will issue TDS Certificates that can be correct depending on correct and complete reporting by deductors.
· Your attention is invited to CBDT circulars 04/2013 dated 17.04.2013, No. 03/2011 dated 13.05.2011 and No. 01/2012 dated 09.04.2012on the Issuance of certificate for Tax Deducted at Source in Form 16/16A as per IT Rules 1962. It is now mandatory for all deductors to issue TDS certificates after generating and downloading the same from TRACES.
· Please note that under the provisions of section 203 of the Income Tax Act, 1961 read with rule 31A, Certificate of tax deducted at source is to be furnished within fifteen (15) days from the due date for furnishing the statement of tax deducted at source.
· You can logon to our portal TRACES and refer to our e-Tutorial to download TDS Certificates.

Please submit the statement within due date to avoid Late filing fee, which, being statutory in nature, cannot be waived. It is therefore, suggested to take appropriate action with respect to the above while filing TDS statements.

For any assistance, you can write to ContactUs@tdscpc.gov.in or call our toll-free number 1800 103 0344.
CPC (TDS) is committed to provide best possible services to you.

CPC (TDS) TEAM


Notes:
· Please maintain updated email address and Contact Number on TRACES to receive regular periodic updates and guidelines from TRACES.
· Please refer to our FAQsand e-tutorials for detailed screen-driven assistance, before seeking further help.

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