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An overview about TDS Correction Statement | Company Vakil

The concept of tax deduction at the source session is known as the income tax provision as into where the taxpayers make upon with so many payments. This will be adding upon with the salary all along with the commission or some professional fees and rent. They are being all obligated as in deduction over the percentage of tax just as before remitting the access of the final payment. The deduction amount over the taxes are being additionally required upon in furnishing with the statement of the TDS traces for the given course of TAN form or the quarter. Correction statement is the that is related with the changes or the updates that are being into the original statement.

Knowing about Identification of Defaults:

You can carry out the identification of the defaults all through by logging into the TDS traces website and also the access of selecting the option of “Defaults”. This can all be found over each quarter and so as the financial year. These defaults hence all the more can be classified into wide range of the categories. This add upon with the short deduction, or also the short payment, plus with the late payment and late deduction. The screen will also be depicting out the interest for the purpose of such interests.

In the course of the event of any default, the request will be made all to access and also to download upon the TDS traces Conso File and Justification Report on the TRACES website. The request will be process upon by means of furnishing on with the normal know your customer or also through the digital signature registration into the portal. At the time of the acceptance the files will be straight downloaded under the “Request Downloads” option.

What are the Circumstances of Correction?

Right here we are sharing with some of the major mistakes that are complete prone about filling of the complete original statement. This add upon the:

  • This includes the specification of the incorrect TAN number in the Challan and also the statement.
  • This brings out the mismatching of the particular Challan Identification Number (CIN).
  • This adds the incorrect medium of declaration of PAN numbers or also about the details of the employee.

What to know about Types of Corrections:

  • lC1 is about the corrections in details of the deductor and some other than TAN Number.
  • lC2 is about the revisions in challan or also the deductor details.
  • lC3 is related with the corrections in deductor details or also the challan details also about the deductee details. It does not add PAN number.
  • lC4 is about the corrections in salary information.
  • lC5 is about updating of the PAN of the deductee.
  • lC9 is added with the Challan and also pertinent deductions.

What is the Process of Correction?

Below we have the step by step tutorial about the process of correction:

Step 1: You will be going to download the particular TDS/TCS file.

Step 2: 2nd step is about the import and to formulate. You will be going to import the consolidated TDS/TCS file and hence also to develop the Correction statement based on the applicable category.

Step 3: In the third step you will key in the details and will be entering the complete information of the provisional receipt number of regular and also about the previous correction statements.

Step 4: Now you will be going to validate the statement. The correction statement should complete be authorized all through theFile Validation Utility (FVU).

Step 5: Last step is about furnishing the whole statement! The validation of the correction statement will be either set as respective TIN-Facilitation Centres or also as through the NSDL website.

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