Latest e-Tutorial for Online Correction of unmatched Challans & Quarterly TDS Statement.

CPC (TDS) has been issued a new notification recently with new features to correct e-TDS/TCS Return along with unmatched Challans.  CPC (TDS) has found Short Payment Defaults in quarterly TDS Statements due to Unmatched Challans and thus they further enhanced the Online Correction facility at TRACES, providing you with the feature of "Move Deductees" from Unmatched Challans to any other Unconsumed OLTAS Challan.  To facilitate closure of Short Payments due to Unmatched Challans, CPC(TDS) has further improved the intelligence, simplicity and convenience of Online Correction feature.

New Feature to Move Deductees added to Online Correction facility:

CPC (TDS) has introduced Move Deductees facility in Online Corrections for closure of Short Payment defaults in your quarterly TDS Statements. With use of this feature, a portion of the Deductee Rows can now be moved to any other Unconsumed OLTAS challan with adequate balance. The facility can be used in the following situation:

Issue:

• The challan(s) remain unmatched due to data entry errors in the TDS Statement(s).
• Multiple OLTAS challans may have been reported in the TDS statement incorrectly, with information pertaining to only one challan, and mapped with the referenced Deductee rows.
• The incorrect Challan information furnished above is causing Short Payment Defaults in the TDS Statement due to Unmatched Challans.

For instance, if there are two OLTAS challans reported in the TDS Statement an if:

• Total TDS in Deductee Rows, mapped to Unmatched Challan(s): Rs. 1,10,000
• OLTAS Challan CIN1: Rs. 1,00,000
• OLTAS Challan CIN2: Rs. 10,000
• Challan reporting in TDS Statement: Instead of reporting the above challans separately, incorrectly only CIN1 tagged in TDS Statement with TDS amount of Rs. 1,10,000

The above error causes Short Payment Default in the TDS Statement

Solution:

• In above situation, CIN 2 should first be added to the relevant TDS Statement using Online Correction facility
• Deductee Rows with a total TDS of Rs. 10,000 can now be moved to CIN 2, which has incorrectly not been reported in the TDS Statement
• Now CIN 1 (Rs. 1,10,000), as mentioned in the TDS Statement, can be tagged to the Unconsumed OLTAS Challan CIN1 (Rs. 1,00,000).

Therefore, Download Latest e-Tutorial for Online Correction of unmatched Challans and TDS Statments Quarterly. (Click Here)