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Changes in TDS Compliance System
A)
Changes in TDS Deposit Procedure
a)
For
Deductions made between 01/April/2009 to 31/May/2009 1) Deposit tax in Challan 281
2)
Prepare deductee details in excel file, which
will be required to be submitted uploaded between 1st July 2009 to 15th
July 2009.
b)
For
Deductions made on or after 01/June/2009 1) All deductors have to deposit the taxes electronically. 2) This tax deposit will be done using Form 17. Form 17 has replaced challan 281.
Note: Challan 281 can be used for
deductions of May, which will be done by 07/June/2009. Tax deposit on
07/July/2009 should be done in Form 17.
B)
Quarterly Returns
1)
For
Assessment Year 2009-2010 a. Last quarter return should be filed using old format before 15th June 2009.
2)
For
Assessment Year 2010-2011 onwards a) All TAN Holders must furnish quarterly statement of compliance in Form 24C every quarter whether any deductions or not. To be submitted at www.incometaxindiaefiling.gov.in. Due dates for 24C as given as below. Quarter Due Date 1st 15 June 2nd 15 October 3rd 15 January 4th 15 June b) TDS Returns in 24Q, 26Q, 27Q & 27EQ should be filed for each quarter at the end of financial year instead of filing quarterly.
C)
Certificates
1)
Form
16, Form 16A, Form 27D have been changed.
2)
For
Assessment Year 2009-2010 a. Certificates can be given in Old formats. Separately send consolidated list of UTNs for all the transactions of deductee. b. New Certificates can be used. Should be done on or before 30th June 2009.
3)
For
Assessment Year 2010-2011 a. New Certificates should be used.
UTN (Unique Transaction No) a) Henceforth all the deduction will be given a UTN (unique transaction no). UTN will have to be reported in quarterly returns by the deductors. Deductors will mention this UTN in certificates issued by them. b) Deductees will have to mention this UTN in his personal return (ITR Return) to get the TDS claim.
c)
All the deductions will have to be reported in Form 17 while depositing the tax
to the government. These deductions will be allotted UTN by NSDL and will be
communicated to deductors through Email. Deductors can also login to NSDL
website and find out these UTNs. In Addition deductee can get UTNs for their TDS
Deductions from NSDL website.
d)
NSDL will give UTNs to all the deductions
reported in Quarterly returns of AY 2008-2009 & AY 2009-2010. NSDL will
communicate these UTNs to deductees through email. Deductors can themselves login to
NSDL website to download UTN nos. Deductee can also login to NSDL website to
view UTNs for his TDS deductions.
Govt Deductors
All the govt. deductors will have to
deposit tax electronically using Form 17. Hence concept of Transfer voucher/Book
adjustments has been done away with.
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