TDS Correction Statement
Tax deduction at source is the income tax rule where the taxpayer is required to subtract a tax percentage before paying the actual payout in respect of such payments such as wages, commission, professional fees, interest, rent and other specified amounts. In addition, the tax deductor is expected to include the TDS statement for the TAN, the shape, the financial year and the quarter. Changes or updates made to the initial assertion are known as clarification statements. However, in the event of any corrections to the TAN, the assessor would be allowed to contact the assessor to make the appropriate corrections.
Correctional circumstances For TDS :
Some of the errors that are likely to be committed during the initial statement are :
- The Challan and the Declaration specify an erroneous TAN number.
- Challan Identity number mentioned is not matched (CIN).
- Incorrect assertion of PAN numbers or employee/employer information.
Types of Corrections in TDS :
- C1 - Set deductor data, apart from TAN Number.
- C2 - Challan/Deductor Details corrections.
- C3 - Corrections to deductor specifics and/or to details of challan and/or deductors rather than PAN numbers.
- C4 - In Salary Details
- C5 - In Updating the PAN of the Deductee
- C6 - Challan and related deductions are applied.
TDS Correction Statement
TRACES has created ‘Remote Correction’ features, in which the deductor can render TDS/TCS declarations online. To log in to TRACES, go through ‘Default’ menu, click on ‘Order for Fixture.’ Deductor is needed.
The following are the separate services available online:
- Correcting inconsistency situations in Challan
- Adding a new Challan to the sentence
- Charge 220 per interest/levy
- Add or delete the salary information
- Challan Details Correction Statement
- PAN Correction
- Personal Information Correction
- Deductor's Rows Movement
- PAN Correction
