CBDT has issued Notification No 31 dated March 25, 2009 bringing out several changes in TDS compliance. The notification amends various rules w.e.f 01-04-2009.
TDS Payment
- TDS payment is now to be made electronically by all deductors. Earlier only corporate and persons covered under mandatory tax audit were required to make payment electronically.
- Electronic payment is now to be made in Form No 17
- Form No 17
- Form No 17 requires deductor to provide deductee wise PAN, Name and TDS amount
- There are two columns Unique Transaction Number and PAN Valid Y/N . To comprehend these columns more information is needed.
New TDS Compliance Statement
- New Form 24C in introduced
- This form is to be submitted every quarter electronically
- For each TDS section , monthly figures are to be given in respect of
- Total expense or capital outgo under the section
- Total amount on which TDS was to be deducted
- Total amount on which TDS deducted at normal rate / TDS amount
- Total amount on which TDS deducted at lower rate / TDS Amount
- Total TDS = TDS at normal rate + TDS at lower rate
eTDS Statements
- Form 24Q/ 27Q formats have been modified
- In deductee wise details , Unique Transaction No is to be given
- eTDS Statements in Form 24Q, 26Q,27Q are to be submitted only once a year on or before 15th June
Form 16 / 16A
- Formats of 16/16A have been amended
- Gross amount and TDS amount is to be given unique Transaction Number Wise
- Whether PAN uploaded was validated by income tax department is to be shown separately
- Several details not be given like : Date of payment, Chq No, BSR Code, CIN etc
Unique Transction Number ( UTN )
- It seems the whole system is now going to be based in UTN
- From the following chart it is clear that UTN is a common link between Challan, TDS certificate and eTDS Statement.
- UTN will be provided by the income tax department.
- How this number will be provided by the department – we have to wait and watch
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