Income Tax E-filing: As Oct 31 deadline nears, here’s how to file TDS statement; beware of penalty

By: |
Published: October 27, 2017 4:31:17 PM

The I-T Department has directed tax deductors to e-file the TDS statement for the second quarter ended on 30th September 2017 by 31st October 2017.

E-filing of TDS Statement, TDS statement, tax deductor, file TDS statement, TDS statement for second quarter ended 30th September 2017, file by Oct 31, penaltyDelay in filing the TDS statement shall entail levy of fee of Rs 200 for each day of default, not exceeding the amount of tax deductible.

Tax deductors, who have deducted tax and have not deposited the same by the due date, must do so immediately, the Income Tax Department has said in its latest tax alert. The I-T Department has directed the tax deductors to e-file the TDS statement for the second quarter ended on 30th September 2017 by 31st October 2017.

“Delay in filing the TDS statement shall entail levy of fee of Rs 200 for each day of default, not exceeding the amount of tax deductible,” it says.

As per the I-T Department, here is what TDS deductors need to do:

# For e-filing the TDS statement, all deductors should register themselves at https://www.tdscpc.gov.in (Traces Portal).

# Quote correctly PAN of the deductee so that they get their due tax credit.

# Quote correctly CIN of the challan to avoid any short payment default.

# Non-quoting of PAN or TAN in the TDS statement may lead to levy of penalty.

# Deductors may avoid defaults about PAN and challan errors in preliminary screening by responding to email/SMS from CPC(TDS) within seven days of receipt of email/SMS.

# The TDS certificate downloaded from the TRACES system is the only valid TDS certificate.

# Download PAN-TAN master available at the TRACES portal for avoiding PAN errors.

# if there is no transaction liable to TDS/TCS to report for the quarter, do intimate the same at the TRACES portal using ‘Declaration for Non-Filing’ functionality to avoid notice for non-filing of TDS statement.

TDS deductors are also required to issue the TDS certificate in Form 16A on income from other than salary for the quarter ended 30th September 2017 by 15th November 2017.

According to the I-T Department, delay in the issue of a TDS certificate shall result in a penalty of Rs 100 for each day of default not exceeding the amount of tax deductible/collectible.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Next Stories
1Dollar stands tall as ECB sends euro to 3-month lows
2What are recapitalisation bonds and their impact on market: All you want to know
3Capital gains tax: All you want to know about the account scheme