14. Form Numbers, Periodicity & Last Date of Submission for eTDS As per the Income Tax Act, 1961 [sections 200(3) and 206C] and the Income Tax Rules, 1962 [rules 31A/31AA inserted vide notification S.O.455(E) dated March 30, 2005 and amended vide notification S.O.928 (E) dated June 30, 2005], forms for TDS/TCS statements (F.Y.2005-06 onwards) and periodicity thereof are as follows:
18. SECTION 206A(1) – reference is made to proviso to clause (i) of sub-section (3) of section 194A. (Interest other than Interest on Securities).
20. The most critical requirement for improving tax-compliance is to have a tax regime where the compliance is easy, transparent and painless and non-compliance is risky and costly. The tax department is inundated with truckloads of documents that the taxpayers file and handling this paper mountain can become a breeding ground for inefficiency.
24. Finance (No. 2) Act, 2004, further amended section 206 of the Income Tax Act, 1961, making it mandatory for government deductors also to furnish e-TDS returns from F.Y. 2004-05. e-TDS returns are to be prepared in accordance with the data structure (file format) specified by ITD.
25. Finance (No. 2) Act, 2004 also amended section 206C of the Income-tax Act to provide for mandatory filing of returns of tax collection at source in electronic form (e-TCS). Following the scheme for filing e-TDS returns notified in 2003, an "Electronic Filing of Returns of Tax Collected at Source Scheme, 2005" has also been notified. It is mandatory for corporate and Government collectors of tax at source to file e-TCS returns. Other entities have the option to do so.
27. Deductors/collectors furnishing their quarterly e-TDS/TCS statements shall furnish the same to TIN-FCs managed by NSDL which have been set up across the country to facilitate deductors/collectors furnish their quarterly e-TDS/TCS statements. The latest list of TIN-FCs is available at the NSDL-TIN web-site www.tin-nsdl.com. Deductors/collectors may also directly furnish their quarterly e-TDS/TCS statements to NSDL through a web-based facility provided by NSDL at www.tin-nsdl.com.
32. Batch Header Record (BH): This contains particulars of deductor/collector, number of challan detail records, number of salary detail records (only for salary statement – Form 24Q-Quarter 4).
34. Deductee Detail Record (DD): This contains details of the transaction on account of which TDS/TCS was deducted /collected from deductee/party. It includes name, PAN of deductee/collectee, gross amount paid, TDS deducted/TCS collected.
36. Salary Details – Chapter VI A Detail* record contains details of deductions under section 80CCE (total deductions under Sections 80C, 80CCC and 80CCD) and OTHERS (other deductions under Chapter VIA). * To be provided only if applicable.
37. What are the Sections, their codes and what is covered therein?
110. Ensure that these Uniformly refer to Form 26Q TAN of the Concern should be mentioned in the name of the file, should precede the Challan & Deductee sheet names Ensure that the correct quarter, year and financial year are selected Ensure to enter as many acknowledgement numbers as are applicable. This is used later in generating correction statements.