TRACES (TDS Reconciliation Analysis and Correction Enabling System)
General Question and Answer Of Deductor Statement Question (1) : Who is required to file e-TDS / e-TCS statement? Answer : As per Income Tax Act, 1961, all corporate and government deductors / collectors are mandatorily required to file their TDS / TCS statements on electronic media (i.e. e-TDS / TCS statements). However, deductors / collectors other than corporate / government can file either in physical or in electronic form. Question (2) : What will be the consequences if I do not file TDS / TCS statement within due date? Answer : There will be a levy of Rs. 200.00 per day under section 234E of the IT Act, 1961 from the due date till the date when statement is filed. Question (3) : Is there any penalty for non-filing of TDS / TCS statements? Answer : Yes. If TDS / TCS statement is not filed for one year from the due date of filing, there would be a penalty of minimum Rs. 10,000.00 to Rs. 1,00,000.00 for not filing TDS / TCS statement under section 271H of the IT Act, 1961. Question (4) : Can I file statement for which I have already submitted non filer declaration on TRACES? Answer :Yes, you can file a statement for which youI have already submitted non filer declaration on TRACES. Question (5) : Why I need to submit non filer declaration on TRACES if I have valid reason for not filing a statement for specific quarter/ financial year? Answer : While submitting the non filer declaration on TRACES, you will be getting list of valid reason from dropdown. If you will not submitting the non filer declaration for the statement which you have valid reason for non filling , you will be receiving notification / intimation from TDSCPC as defaulter for non filing a statement within due period. Question (6) : What are the due dates for filing of statement? Answer : The due dates for filing statements for different forms are as per the below table:
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