Recently Centralized Processing Cell (TDS) has published e-Book on TDS (CPC) working for All category Taxpayee. CPC (TDS) introduces transparency in the processes through online display of information. Thus, it forms the backbone of overall TDS administration of the Income Tax Department. The deductor is obliged to report the following details:
- PAN & Name of the deductee;
- Nature, extent & the date of transaction;
- Amount, rate & the date of tax deducted/collected at Source;
- Details of tax payment including the amount & date thereof
Centralized Processing Cell (TDS) is a technology driven transformational initiative on ‘Tax Deduction at Source’ that provides a comprehensive solution through ‘Tax Deduction, Reconciliation, Analysis and Correction Enabling System (TRACES)’ - its core engine.
CPC (TDS) undertakes bulk processing of TDS statements to generate ‘Annual Tax Credit’ statements for each taxpayer (PAN holder) in Form 26AS, TDS certificates in Form 16 / 16A &identifies TDS defaults of short payment, short deduction, interest etc.
CPC (TDS) reconciles and co-relates information from various sources including banks (tax payment), deductors (reporting tax deduction), Assessing Officers ( mapping no tax / low tax deductions) and tax professionals (reporting international transactions).
Download e-Book (Click Here)
