E-File TDS Statement for quarter ending on 31.03.2018 by 31.05.2018

Tax Deductors are required to e-File TDS STATEMENT for  quarter ending on 31st March 2018 by 31st May, 2018 which is the last date to file such statements. For delay in filing TDS Statement Tax Deductors have to pay a a fine of Rs. 200/- for each day of default.

Time Limit to File Statement for quarter ending on 31.03.2018 and Penalty

• e-file TDS statement for the quarter ending on 31st March 2018 by 31st May, 2018.
• Delay in filing of TDS statement shall entail levy of fee of 200/- for each day of default not exceeding amount of tax deductible

Download  of TDS Certificates:

• TDS certificate in Form 16A, containing 7 character TDS certificate number, has to be mandatorily downloaded from https://www.tdscpc.gov.in
• TDS certificate cannot be downloaded from TRACES Portal in case of non/ incorrect quoting of PAN
• Transaction based report (TBR) can be downloaded in case of non PAN non residents reported in Form 27Q

ISSUE OF TDS Certificates:

• TDS certificate in Form 16A on income other than salary for the quarter ended31st March 2018 by 15th June 2018
• Delay in issue of IDS certificate shall result in penalty of Rs. 100/- for each day of default not exceeding the amount of tax deductible/collectible

Things to Keep in Mind

• Deductors who have deducted tax and have not deposited the same by the due date must do so immediately.
• All deductors must register themselves at https://www.tdscpc.gov.in (TRACES Portal).
• Quote correctly their TAN and also PAN of the deductee so that they get their due tax credit.
• Quote correctly CIN of the challan to avoid default for short payment.
• Non-quoting of PAN or TAN in TDS statement may lead to levy of penalty.
• Deductors may avoid defaults about PAN and challan errors in preliminary screening, by responding to email/SMS from CPC(TDS) within seven days of receipt of email/SMS.
• TDS certificate downloaded from TRACES system is the only valid certificate.
• Use PAN-TAN master facility at TRACES Portal  to verify correctness of PAN of the deductee.
• If there is no transaction liable to TDS/TCS to report for the quarter. do intimate the same at TRACES Portal using “Declaration for Non filing” functionality to avoid notice for non-filing of IDS statement.