TDS/TCS compliances for 2nd Quarter of FY: 2013-14

TDS/TCS compliances for 2^nd  Quarter of FY: 2013-14

The Second quarter of the Financial Year 2013-14 has come to an end. Therefore, it is now time for the deductors to file their quarterly TDS/TCS returns. The TDS/TCS compliances during the month of October 2013 pertaining to this are as follows:

• ·  Tax Deducted / Collected in September to be deposited by 7th October 2013
• ·   TDS/TCS returns for the second quarter of FY 2013-14 to be filed by 15th October 2013
•     TDS/TCS certificates to be issued by 30th October 2013

Deductors are advised to file their returns on time to avoid the last minute rush and stringent penalties.

Fees and Penalty for Late Filing of TDS Returns

Section 234E – Levy of Fees

• ·  Failure to submit e-TDS Statement on time will result in fees on the deductor.
•    If you delay or forget to file your e-TDS Statement, fees of Rs. 200 per day will be levied on the deductor, as long as TDS Statement is not filed.
•     The levied amount of fee is not supposed to exceed the TDS deductibles.
•     Prior to filing of TDS Statement such fee should be paid and it should be reflected in the TDS Statement.

Section 271H – Penalty

• Deductor has to pay a penalty ranging from minimum of Rs. 10,000/- to One Lac rupees,

§  If deductor exceeds one year time limit to File TDS Statement.

§ If deductor furnishes incorrect details like PAN, TDS Amount, Payment of Challan etc.

To file the TDS/TCS returns on-time, it is recommended that one may use TDSMAN Software (F.Y. 2013-14) which is fully updated to support the new released FVU ver. 4.0 and FVU ver. 2.136 and is economically priced at Rs. 3000 only. Deductors can use this software to validate their TDS returns with these new FVUs.  TDSMAN contains various features which helps a deductor to prepare and file his returns with great ease. Apart from this, it also has an inbuilt module for “Correction Returns” which is extremely helpful in correcting the regular returns. Some of its features are given below:

·         Supports unlimited deductors / companies, deductees, employees.

·         Preparation of eTDS & eTCS returns for all forms.

·          Printing of TDS/ TCS certificates.

·          Preparation of correction returns.                          

·         Covers FY: 2013-14 and earlier years upto 2007-08.

·         Integration to TRACES and NSDL PAN verification.

·         Updated for FVU version 4.0 and FVU version 2.136.

·         Data import from Excel & Consolidated Files.

·         FVU generation with auto download of CSI file.

·         Report generation in PDF, Word and Excel formats.

·         Facility to auto update the software and many more.

To download the free trial version of the TDSMAN software, click here

To view the step by step tutorial on how to use the TDSMAN software, click here

To place an order for fully updated TDSMAN software (10% special discount to StudyCafe subscribers), click here