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The TDS Modification Report | Company Vakil

 

The Tax deduction at the source can be defined as a revenue tax terms whereby those who pay tax making some payments like salary, professional fees, rent, interest, commission and so on are obliged to take-away some cent of the tax prior to dispatching the last payment. The tax Deductor is also obliged to deliver a report of Tax Deduction Source for a particular TAN, financial year, form as well as quarter. The alterations or modifications carried out on the original report are referred to as modification report. In the course of this write-up, we studied the Tax Deduction Source modification report in detail

Find out more about TDS charges in India

Recognition of Defaults

The defaults can be recognized by logging into the TRACES website and choosing “Defaults” option which can be seen every quarter and fiscal year. These Defaults will be grouped into different groups such as short payment, deduction, late payment, as well as late deduction. The screen will also portray the attention for such defaults.

Downloading of documents

In an occasion of any Default, an application must be made to gain entry and download the Tax Deduction Source Conso File as well as Justification Statement on the TRACES website. The application is processed delivering the normal Know Your Customer (KYC) or via the digital signature registered in the portal. Upon approval of the outcome, the documents can then be downloaded under the “Request downloads” option.

Conditions for Modification

Few of the errors entitled to be devoted while documenting the original report has been listed by us. They are listed below as follows:

  • Condition of an inaccurate TAN number in the Challan and Report
  • Mismatching of the particular Challan Identification Number (CIN)
  • Inaccurate announcement of PAN numbers or the information of the employer/employee
  • Kinds of modifications

Below are the various kinds of modifications that can be made in the form:

C1- Amendments about the information of the Deductor, apart from TAN number

C2- Amendments in Deductor/Challan information

C3- Amendments about the information of the Deductor or about the information of the Challan and also the information of the deductee, apart from PAN number

C4- Amendments in salary information

C5- To renew the deductee PAN number

C9- Totaling of Challan as well as pertinent deductions

Bear in mind that in case of any amendments or modifications in TAN, the assessee will be obliged to reach the Assessing Officer to make the required corrections.

The Process of Modification

The modification can be endorsed by following the processes mentioned below:

Step 1: Download

Download the specific TDS or TCS document as it has been explained above

Step 2: Import and Formulate

Introduce the merged TDS or TCS document and create the modification report based on the relevant type.

Step 3: Put in the Information

Insert the given receipt number of regular and preceding modification reports

Step 4: Authenticate the Report

The formulated modification report should be authenticated via File Validation Utility (FVU)

Step 5: Provide the Report

The authenticated modification report can now be provided either with the relevant TIN-Facilitation Centers or via the NSDL website

Bear in mind that the modifications can be renewed in the TDS returns within a duration of 3 days of documenting it.

No Limitations

The tax payer’s choice to document the modification report is not restricted. Corrections in TDS returns can regularly be made to outline the alterations in the original TDS statement.

 

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