TDS Compliance
Here are some key features and services offered by the TDS compliance portal in India:
1.TDS Statement Filing:
Taxpayers can file their TDS statements, including Form 24Q, 26Q, 27Q, and 27EQ, electronically through the TRACES portal. These statements contain details of tax deducted and deposited by the deductor.
2.TAN Registration:
Deductors can register their Tax Deduction and Collection Account Number (TAN) on the portal, which is required for TDS compliance. The portal allows for TAN registration, modification, and deactivation.
3.Online Challan Verification:
The TRACES portal provides an option to verify the status of TDS payments made by the deductor. Deductors can check whether their TDS payments have been match with the relevant deductee’s records.
4.TDS Certificate Generation:
Deductors can generate TDS certificates, such as Form 16 and Form 16A, through the TRACES portal. These certificates provide details of tax deducted at source and are issue to the deductees.
5.Demand and Refund Status:
The portal allows taxpayers to view the status of demand and refund relate to TDS. Users can check whether any demand has been raised by the tax authorities or if they are eligible for a refund.
6.Annual Information Return (AIR) Filing:
The TRACES portal facilitates the filing of the AIR, which is a statement containing high-value transactions made by taxpayers. This helps in tracking and monitoring financial transactions for taxation purposes.
7.Online Correction Facility:
can make corrections to TDS statements file earlier through the portal’s online correction facility. It allows for rectifying errors, updating details, or adding missing information in the TDS statements.
To access the TDS compliance portal in India, users need to register on the TRACES portal and obtain their user ID and password. It is recommend to refer to the official TRACES portal (https://www.tdscpc.gov.in) for detailed instructions, guidelines, and updates regarding TDS compliance in India.
FAQs:
What is TDS?
TDS (Tax Deducted at Source) is a method of collecting tax at the source of income.
Who is responsible for TDS deduction?
Any person or entity making specify payments such as salary, rent, or interest is responsible for deducting TDS.
When should TDS be deducted?
TDS should be deduct at the time of payment or when the amount becomes due, whichever is earlier.
How is the TDS rate determine?
TDS rates vary base on the type of income and recipient’s category, as per the Income Tax Act.
How do I deposit TDS?
TDS must be deposit with the government through authorize banks or online, using Challan ITNS-281.
What is the due date for depositing TDS?
TDS must be deposited by the 7th of the next month, except for March (due by April 30).
How to file a TDS return?
TDS returns are filed quarterly through the Income Tax Department’s TRACES portal using Form 24Q, 26Q, etc.
What are the consequences of late TDS payment?
Interest, penalties, and late filing fees may apply for delay TDS deposits or returns.
How can I check my TDS status?
TDS status can be check using Form 26AS, which shows all tax credits against your PAN.
Is TDS applicable to non-residents?
Yes, TDS provisions apply to non-residents for income earn or receive in India, subject to DTAA provisions.
To visit https://www.incometax.gov.in
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