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TRACES CA ANKIT P. SANGHAVIPANKAJ P. SANGHAVI AND CO.
CHARTERED ACCOUNTANTS
CONGRATS
The Centralized Processing Cell (CPC) TDS has received the e-Governance award “GOLD AWARD” for the year 2014-15 for excellence in Government Process Re-Engineering
PANKAJ P. SANGHAVI AND CO.
CHARTERED ACCOUNTANTS
AGENDA
TRACES – An Introduction
Objectives laid down by TRACES
Services provided by TRACES
Online TDSCPC
Application u/s 197 Online
Questions
PANKAJ P. SANGHAVI AND CO.
CHARTERED ACCOUNTANTS
TRACES
PANKAJ P. SANGHAVI AND CO.
CHARTERED ACCOUNTANTS
• TDST
• ReconciliationR
• AnalysisA
• CorrectionC
• EnablingE
• SystemS
OLD SYSTEM VS THE NEW
OLD
•Credit of TDS was claimed through manual TDS Certificates
•Verification from the Deductor was limited and restricted
•TDS was open ended leading to TAX frauds
NEW
•With the New 26AS, the deductee can view the credit of TAX to his account
•Introduction of transparency in the system through online display of information
•A robust mechanism that ensures correct, reliable flow of data to the departments database and its collation on the basis of Taxpayer PAN preventing revenue leakage
PANKAJ P. SANGHAVI AND CO.
CHARTERED ACCOUNTANTS
OBJECTIVES
Comprehensive Technology Platform
Enhance TDS Processing
Capabilities
Streamlining Tax Accounting
Addressing TDS mismatch
issues
Minimize TDS Frauds
PANKAJ P. SANGHAVI AND CO.
CHARTERED ACCOUNTANTS
OBJECTIVES
Release Manpower from Bulk functions
Business Analytics capabilities
Improve filing of Income Tax Returns
and reporting correct Income
Policy Formation insights through data related to nature and
extent of Financial Transactions
PANKAJ P. SANGHAVI AND CO.
CHARTERED ACCOUNTANTS
KEY STATISTICS
TDS CPC has processed up to 101.40 lacs original returns, 40.36 corrections uptoJune 30, 2014.
This accounts for 99% of the total original statements filed and 98% of the correction statements filed.
A total of 75.34 lacs of Default paper intimations have been issued
The average time taken for processing the statements is less than 5 days from date of filing
PANKAJ P. SANGHAVI AND CO.
CHARTERED ACCOUNTANTS
TDS COLLECTION (AMOUNT IN CRORES)
143496
160769
201983
222014
260052
2009-10 2010-11 2011-12 2012-13 2013-14
TDS COLLECTION
PANKAJ P. SANGHAVI AND CO.
CHARTERED ACCOUNTANTS
DUE DATE MANAGEMENT
Financial Year Percentage of
Statements received
within the due date
Percentage of Statements
where TDS payments were
made within due date
2010 35.80 71.70
2011 40.10 72.30
2012 # 52.80 74.60
2013 73.10 79.40
PANKAJ P. SANGHAVI AND CO.
CHARTERED ACCOUNTANTS
SERVICES PROVIDED BY TRACES
PANKAJ P. SANGHAVI AND CO.
CHARTERED ACCOUNTANTS
SERVICES
Services To
DeductorsTax
PayersAssessing Officers
PANKAJ P. SANGHAVI AND CO.
CHARTERED ACCOUNTANTS
DEDUCTOR
Dashboard
Online Corrections
Defaults Summary
Online PAN Verification
Online verification
of Satementsu/s 197
Statement and
Challan Status
TAN-PAN C4onsolidat
ed File
Downloads
E-Tutorials and FAQ’s
PANKAJ P. SANGHAVI AND CO.
CHARTERED ACCOUNTANTS
TAXPAYER
Downloads
Feedback Module
Comprehensive view of Defaults
of all TAN’s related to PAN
Non – Resident Tax Payer
Registration
PANKAJ P. SANGHAVI AND CO.
CHARTERED ACCOUNTANTS
TDS OFFICERS
Consolidation and update to TDS Demand
Views and Downloads
Challan Correction
Generation of customized MIS
and Data Analytics Reports
PANKAJ P. SANGHAVI AND CO.
CHARTERED ACCOUNTANTS
E - FILING
PANKAJ P. SANGHAVI AND CO.
CHARTERED ACCOUNTANTS
SOFTWARES FOR E-FILING
NSDL provides it’s own Return Preparation Utility (RPU)
Other Softwares are: Fast Facts from Thompson Reuters, E-TDS from KDK Software, Genius TDS, SimpleTax TDS and many more.
24Q and 26Q can be directly generated from TALLY ERP.9 software.
PANKAJ P. SANGHAVI AND CO.
CHARTERED ACCOUNTANTS
PROCESS
Data
• Fill in the requisite data in the software
Validation
• Validate the File using the latest FVU released by NSDL
Filing
• File the return with E-Intermediary of NSDL in CD, Pen-Drive along with Form 27A duly signed.
PANKAJ P. SANGHAVI AND CO.
CHARTERED ACCOUNTANTS
NON APPLICABILITY
In case the deductor has a TAN No., but in a certain quarter does not have any deductions.
The deductor has to submit an online Declaration of Non-Filing of Statements
The option is available after logging on the TRACES website under Statement/Payments menu as the last option “Declaration of Non-Filing of Statements”
The deductor also should mention the reason for Non Filing form a drop down menu
PANKAJ P. SANGHAVI AND CO.
CHARTERED ACCOUNTANTS
PANKAJ P. SANGHAVI AND CO.
CHARTERED ACCOUNTANTS
PANKAJ P. SANGHAVI AND CO.
CHARTERED ACCOUNTANTS
PANKAJ P. SANGHAVI AND CO.
CHARTERED ACCOUNTANTS
PANKAJ P. SANGHAVI AND CO.
CHARTERED ACCOUNTANTS
PANKAJ P. SANGHAVI AND CO.
CHARTERED ACCOUNTANTS
PANKAJ P. SANGHAVI AND CO.
CHARTERED ACCOUNTANTS
COURSE OF ACTION FOLLOWED BY THE DEPARTMENT
CPC processes the statement till the stage of FORM 26AS generation for deductees reported.
Short Payments, PAN Errors will be identified at this stage
The statement shall be put on hold for further processing and an opportunity shall be given to correct the potential defaults of Short Payments, PAN Errors, etc.
PANKAJ P. SANGHAVI AND CO.
CHARTERED ACCOUNTANTS
COURSE OF ACTION FOLLOWED BY THE DEPARTMENT …
CPC then intimates the defaults via Email, SMS and communication through the Inbox in Traces
The above corrections need to be carried out within 7 days by using Online Correction.
Post that the Final Processing will be done by the Department
PANKAJ P. SANGHAVI AND CO.
CHARTERED ACCOUNTANTS
FEATURES OF THE NEW FVU . . .Quoting of AIN
• It will be mandatory to quote AIN if payments are made by transfer voucher
• Applicable to Regular Statements as well as correction statements if deductor details have been updated
Nature of Remittances (27Q)
• Number of Nature of Remittances have been pruned.
Changes in Validation for Chapter VI A Section ID
• Deduction amount allowed under section 80 CCE has been enhanced to Rs. 1,50,000/-
• Applicable to Form 24Q (4th Quarter)
PANKAJ P. SANGHAVI AND CO.
CHARTERED ACCOUNTANTS
FEATURES OF THE NEW FVU (CONTD…)Quoting of PAN
• Quoting of PAN of person responsible for deducting / collecting TAX
• Applicable to regular as well as all correction statements from F.Y. 2007-08 onwards
Quoting of BIN
• It will be mandatory to quote BIN details only of TDS/TCS statements pertaining to FY 2013-14 onwards
Deductee Details
• In case of C remark under Annexure I one more field has been allowed to be filled in as “Total Tax Deposit”
PANKAJ P. SANGHAVI AND CO.
CHARTERED ACCOUNTANTS
ONLINE TDS CPC
PANKAJ P. SANGHAVI AND CO.
CHARTERED ACCOUNTANTS
Default
Summar
y View
Personal
Informati
on
Challan
Correctio
n
Pan
Correctio
n
(Annexur
e 1)
Pan
Correctio
n
(Annexur
e 2)
Add
Challan
to
Statement
Interest,
Levy and
Payment
Modify
Add
Deductee
Rows
Delete /
Add
Salary
Deductee
Rows
Online
Corr
ect
ions
with D
SC
Prior to
2013-14Y Y Y N N Y Y N N
2013 – 14
onwardsY Y Y Y Y Y Y Y Y
Online
Corr
ect
ions
without
DSC
Prior to
2013 - 14Y N Y N N Y Y N N
2013 – 14
onwardsY N Y N N Y Y N N
PANKAJ P. SANGHAVI AND CO.
CHARTERED ACCOUNTANTS
CORRECTION MATRIX
PROCESSES
REGISTRATION and LOGIN
DOWNLOADS
ONLINE CORRECTION
MISCELLANEOUS
PANKAJ P. SANGHAVI AND CO.
CHARTERED ACCOUNTANTS
Registration and Login
• Registration and Login
• Forgot User ID
• Forgot Password
Downloads
• Consolidated File
• Justification Report
• Form 16
• Form 16A
• Traces PDF Generation Utility
• Transaction Based Report
Online Corrections
• Overbooked Challan
• Add Challan
• Add or Delete Salary Detail
• Challan Correction
• PAN Correction
• Personal Information Correction
• Pay LP LD Late Filing
• Tag Replace Challan
• Add/Modify Deductee Detail
• Movement of Deductee Row
Miscellaneous
• View Statement Status
• Default Correction
• Validate Certificate u/s 197
• Request for Resolution
• Declaration of Non-Filing of Statements
• Digital Signature Supported KYC Validation
• PAN Verification consolidated PAN-TAN File
PANKAJ P. SANGHAVI AND CO.
CHARTERED ACCOUNTANTS
APPLICATION U/S 197 ONLINE FACILITY AVAILABLE ONLY TO
AAMCHI MUMBAI
PANKAJ P. SANGHAVI AND CO.
CHARTERED ACCOUNTANTS
PANKAJ P. SANGHAVI AND CO.
CHARTERED ACCOUNTANTS
PANKAJ P. SANGHAVI AND CO.
CHARTERED ACCOUNTANTS
REGISTRATION PROCESS
Same TAN cannot be registered twice
If an error message appears “Invalid details” or “Your TAN is not available”
You have not filed any statements in the last eight quarters
You might not have filed any of your statements electronically
TRACES has advised to use the following browsers
Internet Explorer Version 8 or above
Chrome version 23
Mozilla Firefox
PANKAJ P. SANGHAVI AND CO.
CHARTERED ACCOUNTANTS
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CHARTERED ACCOUNTANTS
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CHARTERED ACCOUNTANTS
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CHARTERED ACCOUNTANTS
PANKAJ P. SANGHAVI AND CO.
CHARTERED ACCOUNTANTS
REGISTRATION PROCESS
Token No. must be entered of the corresponding Financial Year, Quarter and Form Type displayed on the screen.
CIN details must be entered for the challan which is deposited and mentioned in the statement corresponding to the Token no. entered as above.
If the challan details and the unique PAN – amount combination have been modified in the correction statement relevant to the regular statement, then mention the modified particulars of the challan and unique PAN – Combination.
Amounts to be entered always in 2 decimal places eg. 7200.00
Total 3 PAN – Amount combinations are to be entered. If less than 3 then enter all of them.
PANKAJ P. SANGHAVI AND CO.
CHARTERED ACCOUNTANTS
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PANKAJ P. SANGHAVI AND CO.
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PANKAJ P. SANGHAVI AND CO.
CHARTERED ACCOUNTANTS
PANKAJ P. SANGHAVI AND CO.
CHARTERED ACCOUNTANTS
REGISTRATION PROCESS
In case while submitting the contact details online, the details submitted are incorrect, one shall have to wait for 24 hours.
After 24 hours the account gets de-activated, one can restart the process of registration.
The password should contain a minimum of 8 alpha numeric characters with at least one letter in upper case.
PANKAJ P. SANGHAVI AND CO.
CHARTERED ACCOUNTANTS
PANKAJ P. SANGHAVI AND CO.
CHARTERED ACCOUNTANTS
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JUSTIFICATION REPORT
It is a document which serves as an annexure to the intimation to be sent to the deductor. Intimation will be sent to the deductor through mail/post but a justification report will have to be downloaded from the portal.
This document consists of various defaults/errors identified by the Income Tax Department (ITD) while processing the statement filed by deductor during a particular quarter of a financial year. It provides detailed information about the defaults/errors that needs to be rectified by deductor by filing correction statement and payment of the necessary interest/fees/other dues. Deductor can also provide clarification for any of the errors identified.
PANKAJ P. SANGHAVI AND CO.
CHARTERED ACCOUNTANTS
JUSTIFICATION REPORT
Justification Reports can be downloaded till Financial Year 2007-08. Justification report will not be available if your statement has no defaults.
If the errors that are identified from the justification report require us to file an revised return, then a simultaneous download of the Consolidated File shall save a lot of time and energy.
Justification Report: JR_TAN_FormType_Quarter_FY
Eg. : JR_CALA12345D_24Q_Q3_2010-11
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