Filing TDS Returns Electronically- Points to Ponder
Filing of various returns under direct and indirect taxes has comes as a boon and is in varying stages of implementation. In fact in some cases it has been made mandatory. While the aims of the departments are obviously to create greater efficiency in collection of taxes, the taxpayers of different categories too find this mode to be extremely convenient. The system introduced is fairly simple in operation but there are certain areas which need careful attention. In this article an attempt has been made to cover the area involving Tax Deducted At Source (TDS) and Tax Collected At Source ( TCS) under the Income Tax Act .
At the very outset one needs to have TDS information which can be collected from the authorized statements made by the organizations viz., TDS computation based on TDS rate charts, challan details, PAN, address and other details of the deductees and deductor. After all the essential information is fleshed out there is a need to review the same . The review work may consist of verification of TDS computation, the correctness of the rates applied, determining the nature of transactions, the relevant provisions of the Act , computation of interest and penalties, if any, payment details , correctness of challan details and examination of all the inputs in the financial records.
In the very next stage one needs to feed data online by visiting the website of NSDL www.tin-nsdl.com/eTDSRPU.asp where one can download the appropriate form and File Validation Utility (FVU). The data entry work in form of feeding the data in the prescribed form should be done with care. One also needs to fill in the form towards authentication of the data. It is important to note that the data provided electronically should structured in the manner detailed in the electronic formats as prescribed by the Income Tax Department and uploading of data is only permitted in relation to the relevant matters . After the forms are filled in electronically these need to be verified through latest version of FVU provided by the NSDL and the upload file generated by the FVU is to be uploaded online.
The name of a file should not exceed eight characters and it should be alphanumeric and use of special characters is not permitted. The tin central system can be accessed through log-in by signing in with Digital Signature Certificate (DSC). Once it is accepted by the system one gets access to the online upload system. File upload figures in the main menu and by selecting it one can upload the electronic system to the tin central system by signing digitally . The NSDL verifies the DSC and on its being accepted the electronic statement would be uploaded and a reference number would be generated. The status of the uploaded statement can be viewed from the file status section of the main menu.
After the upload the tin central system performs format level validations, check the tin-user id associations and availability of advance amount. In case the electronic statement is invalid it would lead to rejection and no charges would be deducted.
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