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Tuesday, April 7, 2015

TDS under Clause 34 of Form 3CD

TDS

Clause 34 of the Revised Form 3CD has increased the reporting obligations in regards to TDS. As an auditor we are require to report upon the following matters:-
a)      Whether the assessee is required to deduct or collect tax as per the provisions of Chapter XVII-B or Chapter XVII-BB, if yes please furnish:
1 TAN NO
2 Section 
3 Nature of payment 
4 Total amount of payment or receipt of the nature specified in
5 Total amount on which tax was required to be deducted or collected
6 Total amount on which tax was deducted or collected at specified in (5)
7 Amount of tax deducted or collected out of (6)
8 Total amount on which tax was deducted or collected at less than specified rate out of (7)
9 Amount of tax deducted or collected on
10 Amount of tax deducted or collected not deposited to the credit of the Central Government out of (6) and (8)
b)     *whether the assessee has furnished the statement of tax deducted or tax collected withinthe prescribed time. If not, please furnish the details
Tax deduction and collection Account Number (TAN)
Type of Form
Due date for furnishing
Date of furnishing, if furnished Whether the statement of tax deducted or collected contains information about all transactions which are required to be reported
c)      *whether the assessee is liable to pay interest under section 201(1A) or section 206C(7). If yes, please furnish:
Tax deduction and collection Account Number (TAN)
Amount of interest under section 201(1A)/206 C(7) is payable
Amount paid out of column (2) along with date of payment.

What we can Do?
v  Visit the website www.tdscpc.gov.in
v  Login the system by entering User ID & Password in order to check the TDS defaults for Current year and last years. For Last years defaults please make a liability.
v  User ID & Password can be obtained from the branch.
v  The defaults shown by the system should be scrutinized carefully & in case of any default, the bank is required to make the adequate provision for that in accordance with AS 29.
v  All the defaults are required to be reported under Clause 34 of the Form 3CD.

(Original Article credit to Shri R.  I.  R. @ 08-04-2015)