TDS or Tedious?
GAMS & ASSOCIATES LLP (formerly S K SURANA & CO LLP), Chartered Accountants
A firm known in the fraternity for its auditing skills, has in decades spread its wings.
Are they synonyms? One can agree/ disagree or share his/her experiences for benefit of all professional brothers and sisters.
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Information Technology adoption always comes with its challenges and Income Tax portals are no exceptions.
Section 192, 194 and 195 of the Act are related to TDS. There have been regular additions in TDS over the years but with that the burden of compliance on deductee and deductor has also increased. The deductee has to ensure that TDS is deducted properly, reflects in the Income Tax portal also in the same year in which it considers the revenue and reflected properly to his credit and deductor has also to ensure the statutory compliance is happening properly. Then what is the role of IT department and the software? Confused…… let me share few situations faced by those interacting with the IT portal with you
a. When an assesse deposits income tax he gets immediate credit of tax under its PAN however in relation to the TDS challan assesse has first to file the return, add challan to claim the credit. This is so when the deposit is also online and returns containing all the details are also filed online.
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b. However the nightmare begins if you have to make corrections to TDS return filed and such a TDS return revision is now done only online. The assesse needs to first add the challan online, some would say it is very easy but wait. The assesse needs to pay the challan through Bank. The banker will take 3 to 4 days to give you challan if paid online. Post that the assesse needs to download conso file through TRACES website which again takes 3 to 4 days to download. After that the assesse need to place the request for additions on TRACES which takes atleast 2 days. After that the assesse can place the request for revision which again takes 2 to 3 days which means a simple revision takes atleast 2 weeks.
c. If assesse have forgotten his TRACES password then it again is a big task. If the assesse inputs incorrect information then the id gets locked for one hour, which means one has to keep trying every hour and …….
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