Monday, May 2, 2011

Soon you will be able to Download your TDS Certificate online

Soon you will be able to Download your TDS Certificate online; Deductor will not be required to issue manually

In a recent concluded ICAI National Committee of the Direct Taxes under the Chairmanship of CA Sanjay Agrawal , a new TDS system has been taken up for the discussion and in the presence of CBDT member, It has been resolved that the Government shall issue a circular to that effect. It will take a month for issuing a circular and after new arrangements, it seems, there shall not be any TDS problems.
Under the new scheme Form 16/16A shall not be issued manually. A deductor shall download Form No. 16/16 A from the online system. The generation of firm 16/16A shall be based on the Form 26Q submitted by the Deductor. The tax credit shall be directly linked to the submission of TDS Returns. Every 16 /16A Form shall also have a unique Number and that number shall be used by the assessees for filling their returns.
So when the Form 16 /16A shall be issued online there shall not be any difference in claiming & depositing the TDS. Moreover the activity shall be quarter to quarter basis so there is a scope to rectify the mistakes in the next quarter except the last one.
NSDL has agreed to it and hopefully when implemented shall be a relief to crores of Assessees.
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