Select Your Location
Introduction– At the time of submitting the TDS return a very common error that occurs is that the PAN of the applicant entered wrongly, which as a result will make the TDS RETURN of the applicant defective and the applicant has to revise the same. The notice will send by the TDS department if they found PAN was wrong in the submitted return or the late fees were not paid. At the time of filing of TDS return, the below-mentioned point is required to be taken into TDS Return Revision.
Table of Contents
As per the Income-tax Act provision, a tax-deductor is required to furnish a periodical TDS statement (Quarterly) containing the details of deduction of tax made during the quarter by the prescribed due date. A large number of the tax-deductor are not furnishing their TDS statement within the prescribed time limit. Delay in furnishing the TDS statement results in delay in granting the credit of TDS to the Tax-Deductee and consequently results in the delay in –
Further, in a large number of cases, the Tax-deductor is not
furnishing Appropriate and correct information in the TDS statement like PAN
of the Deductee, amount of tax deducted, etc.
to be considered while filing the TDS return– Furnishing of correct information in respect of tax deduction
i.e. (Proper detail of PAN number) is critical for processing of return of
income furnished by the Deductee because, on the basis of information furnished
by the deductor, credit for TDS is granted to the Deductee.
To ensure the proper revision of TDS
return, various types of revisions are required i.e.
However, the revision of the TDS return can only be filed if the TDS return filed originally is accepted by the TIN central system.
To revise the TDS return in case of PAN error the following steps are required:
1 . To acknowledge the notice received from the department and in case if the reasons are not properly disclosed than generate Justification Report from traces. To generate the justification report following steps are required-
2. After acknowledging, open the justification report, which is in Text format. However, it is required to convert the text file into an excel file to make it readable. The conversion of the text file into an excel format is done by using the TRACES JUSTIFICATION REPORT GENERATION UTILITY. This utility can be downloaded by the user from TRACES login and below mentioned steps are required-
3. Once the detailed reasons are found by the concerned person in the justification report the next step that is required is to request for console file option in the statement tab.
4. Once the Console file is downloaded, the next step is to –
5. Click on the save button, after updating the PAN details in the RPU utility and after saving the respective details, click on create the file and the following window will come.
The first step enters the CSI file, A
person can generate the CSI file from Oltas online by clicking on the
In the second step, enter the path where the person wants to save the file; and In the third step, browse the console file in the name of TDS which has been saved from Return Preparation Utility. FVU file and Form 27A will generate, after browsing and validating all these 3 files.
(FVU and form 27A) can be submitted to authorized TDS vendor and the vendor
will file the return accordingly on your behalf.
RPU – Refers to Return Preparation Utility
Also, Read: What is Income Tax Refund in India.
Priyanka Bajpayee has done Masters in International Business Law and well versed in content writing covering the area of legal and finance. Also, she has practical experience of almost 1.5 years in Legal compliance and secretarial work.
Black money has been the subject of heated political debate in India for a long time. Successiv...
The Apex Court pronounced a judgement in the case titled Tata Motors Vs The Brihan Mumbai Elect...
Since economies are moving towards digitalisation and making it feasible to conduct transaction...
The Alternative Investment Funds (AIFs) Pro-rata and Pari-Passu Rights Proposal Consultation Pa...
The Financial Action Task Force, i.e. FATF (the Force), is the global money laundering and terr...
Advance tax refers to the payment of the tax liability before the end of the relevant financia...
On 11.12.15, the Hon’ble Delhi High Court (HC) pronounced a landmark judgement in the case ti...
Money laundering can be defined as the process of illegal concealment of the origin of money ob...
Every assessee in India is obligated to file an income tax return and make the timely payment o...
In the recent past, India has seen burgeoning demand for internet and smartphones. The rapid ri...
Are you human?: 5 + 4 =
Easy Payment Options Available No Spam. No Sharing. 100% Confidentiality
Due to the Covid-19 pandemic, the government has extended different deadlines relating to various tax compliances....
12 Jul, 2021
Paying income tax becomes challenging for most people. It could be due to multiple reasons. However, if you want to...
06 Mar, 2021
Red Herring Top 100 Asia enlists outstanding entrepreneurs and promising companies. It selects the award winners from approximately 2000 privately financed companies each year in the Asia. Since 1996, Red Herring has kept tabs on these up-and-comers. Red Herring editors were among the first to recognize that companies such as Google, Facebook, Kakao, Alibaba, Twitter, Rakuten, Salesforce.com, Xiaomi and YouTube would change the way we live and work.
Researchers have found out that organization using new technologies in their accounting and tax have better productivity as compared to those using the traditional methods. Complying with the recent technological trends in the accounting industry, Enterslice was formed to focus on the emerging start up companies and bring innovation in their traditional Chartered Accountants & Legal profession services, disrupt traditional Chartered Accountants practice mechanism & Lawyers.
Stay updated with all the latest legal updates. Just enter your email address and subscribe for free!
Chat on Whatsapp
Hey I'm Suman. Let's Talk!