TDS deductor may soon be able to view PAN-wise ledger and different views available for Tax Payers on NSDL-TIN website

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From which financial year will the Annual Statement under Sec. 203AA (Form No. 26AS) be issued?

The annual statement (Form No. 26AS) will be issued for all tax deducted and tax collected at source from FY 2005-06 onwards after the expiry of the financial year.

How will the PAN-wise ledger account be created by NSDL in respect of payment of TDS made by deductors in banks?

The PAN-wise ledger account will be created after matching the information in the TDS/TCS statements filed by the deductor/collector and the details of tax deposited in banks coming through On Line Tax Account System (OLTAS).

What essential information should be given in the quarterly statements to enable accurate generation of PAN-wise ledger account?

The accuracy of PAN-wise ledger account will depend on:

• Correct quoting of TAN by the deductor.
• Correct quoting of PAN of deductor.
• Correct and complete quoting of PAN of deductee.
• Correct quoting of CIN (Challan Identification Number) wherever payment is made by challan.

Will a deductee be able to view his ledger account on NSDL-TIN website?

Yes. The scheme for such views is expected to be notified by ITD soon.

Can the e-TDS/TCS return be filed online?

Yes e-TDS/TCS return can be filed online under digital signature.
What are the different views available for Tax Payers?
On the NSDL-TIN website, three types of views are available for a tax payer:
a) Access without authentication.
b) Access with Digital Signature Certificate (DSC).
c) Access through TIN-FC.
What is access without authentication?
On providing the TAN and provisional receipt number / Token Number, the deductor can view the following details:

• Whether quarterly statements have been uploaded to TIN central system by TIN-FC.
• Whether quarterly statements have been accepted by TIN central system.
• Whether challans in statements have been matched with challans uploaded by banks.
• Number of deductees whose PAN accounts have been booked.
• Line no. of deductees in statements whose PAN accounts could not be booked.
• Confirm whether a specific PAN account has been booked.

What is access with authentication?
To access this view, the tax payer should have a Digital Signature Certificate (DSC) which has to be registered with NSDL in advance. (Details of the same are available at Online Uploads section of the NSDL-TIN website.) The tax payer has to authenticate its identity using the DSC. All the views mentioned above will be available with financial details.
What is access through TIN-FC?
Deductors can access details of their statements through the TIN-FC who has uploaded their statements.
Will the Paper TDS data be available online on TIN?
Yes, the Paper TDS data will also be available in TIN database after the digitalization of the Paper TDS return by the e-intermediary.
Provisional Receipt Number is now referred as Token Number with effect from FY. 2010-11 onwards.
Will the TIN-FC give any acknowledgment/receipt after acceptance of e-TDS/TCS return?
If the e-TDS/TCS return file is complete in all aspects, TIN-FC will issue a provisional receipt to you. The provisional receipt issued by TIN-FC is deemed to be the proof of e-TDS/TCS return filed by you.
What if my e-TDS/TCS return is not accepted by TIN-FC, how will I know the reason for rejection?
In case of non-acceptance of your e-TDS/TCS return file, TIN-FC will issue a Non-Acceptance Memo which will state reason for rejection.

Revised / correction TDS Return – How to make make Correction in Deductee Details?

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Corrections in Deductee Details

-Can I update a deductee record?

Yes. You can update a deductee record.

How can I update a deductee record?

You can update deductee details viz; PAN of deductee, name, amount etc. Steps to update a deductee record are as under:

• Identify the challan corresponding the deductee record to be updated by
  • its sequence no as per regular statement
  • CIN, deposit amount as per regular statement
• Identify the underlying deductee record to be updated by
  • its sequence number as per regular statement under the challan identified as above.
  • PAN of deductee, total tax deducted and total tax deposited as per regular statement.
• Update the deductee details as required.
• Along with the updated values, the correction statement should contain CIN, deposit amount in challan details, PAN of deductee, total tax deducted and total tax deposited in deductee details as per regular statement as well.

Example: In order to correct deductee PAN from PANINVALID to AAAPI0147G in the sixth deductee record of the fourth challan of the regular statement filed by you, the steps as under need to be followed:
1. Identify challan no. 4 and corresponding deductee record having sequence no. 6 as per regular statement
2. Update the value in the field deductee PAN to AAAPI0147G.
3. Ensure that the value in the field Last deductee PAN is PANINVALID, i.e. as per regular statement.

Can I add a deductee?

Yes. You can add a deductee record.

How do I add a deductee record?

You can add a new deductee records under an existing challan. The procedure for adding deductee records is as under:

• identify the challan corresponding the deductee record to be updated by
  • its sequence no as per regular statement
  • CIN, deposit amount as per regular statement
• Add the new deductee record
• Maintain sequence of the new deductee record in continuation to the sequence number of the last deductee record under the said challan as per regular statement add details of deductee in this record.
• Along with newly added deductee record, correction statement should contain value of CIN and deposit amount as per regular statement as well.

Example: If a regular statement filed by you has six challans and you wish to add five more deductees to challan 4 which has 4 deductees as per regular statement, the steps as under need to be followed:
1. Identify challan having sequence no. 4
2. Sequence of new deductee being added to 5 in the challan details section
3. Add underlying five deductees in the deductee annexure and associate them with challan having sequence no. 4.

Can I delete a deductee record?

Yes. You can delete a deductee record.

How can I delete a deductee record?

Steps to delete a deductee record are as under:

• identify the challan corresponding the deductee record to be updated by
  • its sequence no as per regular statement
  • CIN, deposit amount as per regular statement
• Identify the deductee record to be updated by
  • its sequence number as per regular statement under the challan identified as above.
  • PAN of deductee, total tax deducted and total tax deposited as per regular statement.
• Flag the deductee details to be deleted
• Along with the flag for deletion, the correction statement should contain CIN, deposit amount in challan details, PAN of deductee, total tax deducted and total tax deposited in deductee details as per regular statement as well.

How to make correction or Revision in Salary Details of e- TDS return already filed?

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Can I update a salary detail?

Yes. You can update a salary detail record.

How can I update a salary record?

You can update salary details viz; Name and PAN of employee, salary amount, deductions etc. Steps for updating salary record are as under:

• Identify the salary detail record by
• its sequence number as per regular statement
• Value in the field ‘Gross total Income’ as per regular statement.
• Update the salary details as required
• Along with updated values, Gross Total Income as per regular statement should also be provided in the correction statement.

Can I add a salary record?

Yes. You can add a salary record..

How can I add a salary record?

You can add a new salary records as per following procedure.

1. Maintain the sequence of the new challan record in continuation to the sequence number of the last challan as per regular statement and add details of challan in this record..

Example Regular statement filed by you has three salary records and you wish to add one more salary record

1. Sequence of new record being added should be 4 in the Annexure II.
2. Add new salary record.

Can I delete a salary record?

Yes. You can delete a salary record.

How can I delete a salary record?

Steps for deleting a salary record are as under:

• Identify the salary record to be deleted by
• its sequence number as per regular statement
• Gross total income as per regular statement
• Flag the salary detail record to be deleted.
• Along with flag for deletion, correction statement should also contain value of the field Gross total Income as per regular statement.

Can I update the Assessment Year of a regular TDS/TCS statement by filing a correction statement?

No, the fields TAN, Form no., quarter, FY and A.Y quoted in a regular statement cannot be updated by furnishing a correction statement

What is the significance of a identifying a record while updating/deleting the same?

While preparing a correction statement, the record to be updated/deleted is required to be identified by its sequence number as well as values of certain fields as per regular statement. List of fields used for identifying a record are as under:

1. Challan detail – CIN details and deposit amount
2. Deductee detail – PAN of the deductee, total tax deducted and total tax deposited
3. Salary details – Gross total income.

The correction statement should contain values of the fields referred to above as per regular statement along with the corrections made. Once the correction statement is received at TIN central system, the values of the identification fields are verified with the corresponding values as per TIN central system.

If the values match, the correction statement will get accepted. If the values do not match, the correction statement will get rejected at the TIN central system.

Example: If the value in the field Last Bank challan no. (i.e. challan no. as per regular statement) in the correction statement does not match the corresponding details as per the regular statement in the TIN central system, the correction statement will get rejected for the reason “Last Bank challan serial number of the correction statement is not matching with corresponding statement details available at TIN Central system”.

Can I rectify the details of a challan if the status of the same on the NSDL website is displayed as ‘Booked’?

Once the challan is updated with status ‘Booked’ modifications or rectifications to the details of the said challan are not allowed. As a result any correction TDS/TCS statement with modifications/rectifications on a booked challan will get rejected at the TIN central system.

e- TDS return – How to make correction or Revision in TDS Payment challan Details?

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Can I update a challan?
Yes. You can update a challan.
How can I update a challan?
You can update any of the details provided in the challan viz; CIN details, amounts etc.
Points to be kept in mind while updating challan:

• identify the challan to be updated by
• its sequence no as per regular statement
• CIN, deposit amount as per regular statement
• Update the challan detail as required.
• Along with the updated values, the correction statement should contain value of the CIN and deposit amount as per regular statement as well.

Example: In order to correct challan serial number from 013 to 014 in the sixth challan of the regular statement filed by you, the steps as under need to be followed
1. Identify the challan by the sequence number as well as the CIN and deposit amount as per regular statement.
2. Update the value in the field challan serial number to 014.
3. Ensure that the value in the field Last Bank challan no is 013, i.e. as per regular statement.
Can I add a challan?
Yes. You can add a challan.
How can I add a challan?
You can add a new challan as well as the underlying deductee records. The procedure for adding a challan is as under:
1. Maintain the sequence of the new challan record in continuation to the sequence number of the last challan as per regular statement and add details of challan in this record.
2. Add the underlying deductee records and associate the same with the sequence number of the newly added challan.
Example: If a regular statement filed by you has six challans and you wish to add one more challan and underlying five deductees, the steps as under need to be followed:
1. Sequence of new challan being added should be 7.
2. Add underlying five deductees in the deductee annexure and associate them with new challan having sequence no. 7.
Can I delete a challan?
No. You cannot delete a challan.

FEMA – RBI permits individuals resident in India to include non-resident close relative(s) as a joint holder(s) in their resident bank accounts

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It has been decided that individuals resident in India may be permitted to include non-resident close relative(s) (relatives as defined in Section 6 of the Companies Act, 1956) as a joint holder(s) in their resident bank accounts on ‘former or survivor’ basis. However, such non- resident Indian close relatives shall not be eligible to operate the account during the life time of the resident account holder.

RBI/2011-12/173
A.P. (DIR Series) Circular No. 12

September 15, 2011

FEMA – Non-Resident Indian /PIOs permitted to open NRE / FCNR (B) account with their resident close relative

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Non-Resident Indian (NRI), as defined in FEMA Notification No. 5, ibid, may be permitted to open NRE / FCNR(B) account with their resident close relative (relative as defined in Section 6 of the Companies Act, 1956) on ‘former or survivor’ basis. The resident close relative shall be eligible to operate the account as a Power of Attorney holder in accordance with extant instructions during the life time of the NRI/ PIO account holder.

FEMA – Non-Resident Indian /PIOs permitted to open NRE / FCNR (B) account with their resident close relative

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Non-Resident Indian (NRI), as defined in FEMA Notification No. 5, ibid, may be permitted to open NRE / FCNR(B) account with their resident close relative (relative as defined in Section 6 of the Companies Act, 1956) on ‘former or survivor’ basis. The resident close relative shall be eligible to operate the account as a Power of Attorney holder in accordance with extant instructions during the life time of the NRI/ PIO account holder.

RBI/2011-12/174
A.P. (DIR Series) Circular No. 13

September 15, 2011

FEMA – RBI increased the limit for Transfer of security by way of gift in calendar year to USD 50,000

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A person resident in India who proposes to transfer, by way of gift, to a person resident outside India any security including shares/convertible debentures is required to obtain prior approval of the Reserve Bank. However, the value of security to be transferred together with any security transferred by the transferor, as gift, to any person residing outside India which was not to exceed the rupee equivalent of USD 25,000 during a calendar year has been enhanced to USD 50,000 per financial year.

RBI/2011-12/175
A.P. (DIR Series) Circular No. 14

September 15, 2011