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Help For Auto Rectify Of Default (Justification) Help For Auto Rectify Of Default (Justification)

Help For Auto Rectify Of Default (Justification) - PDF document

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Uploaded On 2015-10-06

Help For Auto Rectify Of Default (Justification) - PPT Presentation

xF0D8 Process to correct defaults In Justification File Traces Intimation Demand notice received General In t roduction for Main Page All TRACES intimation received on e mail of the profes ID: 151474

 Process correct defaults Justification

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Help For Auto Rectify Of Default (Justification)  Process to correct defaults In Justification File/ Traces Intimation/ Demand notice received General In t roduction for Main Page All TRACES intimation received on e - mail of the professional will automatically link with CompuTDS in office assistance . Steps to be follow: 1. Click on Justification (Default) in “Online activities” . This page show the following information  Demand Head of each Type of default .  “Rectification Need In” Colum n show the nature of the default. A link is provided to view details and correct respective default .  “Default As Per Intimation” show an amount of respective demand  The amount of default removed will show in the “Rectified” column. If the default is completely removed, it will show in green colo r.  And If default amount is not rectified then it will show in “U nsettled” column in RED Color .  And If default amount is Partially Rectified then it will also show in “Rectified” as well as “ Unsettled ” c olumn in GOLDEN Color . H ow to remove individual default 1. Short Payment (SP) : There are different types of default in short payment.  Challan Mismatch  Challan Insuff icient Balance Case 1. Challan Mismatch Steps to be follow:  Click on “ Challan Mismatch ” link given on main screen of justification.  A screen showing Mismatch challan s (Not Matched with TRACES Database) will be open.  Cl i c k on Challan to open and match (challan date, BSR , Challan No.,amount ) accordingly .  Click on “Save & Exit” .  Example Challan date in wrongly enter in original return 03 - 02 - 2014 Actually challan is deposited 02 - 03 - 2014 Now challan date is required to be change as 02 - 03 - 2014 Case 2. Challan Insufficient Balance Reason for Insufficient balance in challan : 1. If c hallan amount is less then adjustment amount (over book) in same period or quarter 2. If one challan is completely adjusted in one quarter and same challan is also adjusted in another quarter in that case challan is show as overbooked Steps to be follow:  Click on “Challan Insuff icient Balance” link given on main screen of justification.  A screen showing I nsufficientBalance in challans will be open.  Cl i c k on Challan to open and correct the challan adjustment accordingly .  A screen for TDS entry adjustment will be open .  Un adjust TDS entries to the extent of Insufficient balance in challan.  Click on “Save & Exit”.  Example Challan amount deposited 3000.00 Challan adjusted in Qtr 1 3000.00 Same c hallan wrongly again adjusted in Qtr 2 3000.00 Challan Overbook will be show in justification 3000.00 Now un adjust TDS entries with challan and delete this challan either in Qtr 1 or in Qtr 2 2. Short Deduction . There are different type s of default under short deduction. Case 1. : PAN Error Steps to be follow:  C lick o n “PAN ERROR” link  There is a column for input of change PAN. E nter available correct PAN in this column.  Click on “ verify at Traces ” button  If changed PAN is found correct at Traces then on verification process it will be show on match PAN list  Status of these PAN corrected entries will be show “PAN corrected”  If you do not have correct PAN, Exit from this screen  New screen will open , it will contains challan through which th ese TDS entry was originally adjusted .  There are two process to rectify the entries Manually Automatically  Manually  Click on “+” sign to correct the entries.  The entr ies to be rectified will open .  Click on Short deduction amount under the column “Short deduction ”.  The entry will open and you can make correction , Manually.  Now if correct PAN is not available, then you are required to deduct TDS @ 20%.  If there is sufficient balance in challan, then change the TDS amount and adjustment amount.  If there is no balance in challan, then you are required to split the TDS entry. i.e . Amount paid of old TDS entry have to change according to TDS and further a new entry for balance amount is require to add .  Example: Amount Paid/credited 10000 TDS Deducted @ 10% 1000 TDS to be deducted @ 20% 2000 Demand Raised 1000 Now there are two options to rectify demand I. If unadjusted balance amount is available TDS entry will be modify as follows  TDS Amount and adjustment amount will be increase to Rs. 2000 . II. If unadjusted balance amount is not available in the challan TDS entry will be modify as follows  Amount Paid credited will be decrease to (1000/20*100) Rs. 5000 A new entry for balance amount will be add as follows for same deductee  Amount paid/credited 5000  Deduct TDS @ 20% 1000  Paid a new challan for 1000  Automatically  Select the challan by tick for automatic correction.  Click on “ Auto Rectify ” button . If unadjusted balance amount is available in the challan then it will change, TDS amount of entry as well as adjustment amount of entr y , Automatically. If unadjusted balance amount is not available in the challan then it will spilt the TDS entry i.e. Amount paid of old TDS entry is changed and further a new entry for balance amount will be add , Automatically. Case 2.: Short deduction ( 197 Certificate ) Steps to be follow:  Click on “ Short Deduction ( 197 Certificate ) ” link given on main screen of justification.  New screen will open  In this screen short deducted TDS entry of justification will be open with corresponding challan. It may be that there are number of entries with the challan, but we are showin g here only the TDS entry/ entries in which default exist  Click on '+' of respective challan to view default TDS Entries  It will show TDS Entries of Short Deduction due to 197 Certificate error  Click on link given on “Short Deduction Amount” to open corresponding TDS Entries.  Now make correction in “TDS entry ” .  If in TDS entry lower reason is applicable but not selected then select appropriate lower reason and enter corresponding certificate no., ( If any. )  If you have not correct lower reason than c han ge the TDS rate and amount accordingly . Make a new challan and TDS entry for balance amount paid .  Click on “Update & Exit”. Example: Amount Paid/credited 10000 TDS Deducted @ 5% 500 TDS to be deducted @ 10% 1000 Demand Raised (SD) 500 Now there are two options to rectify demand 1. Select the correct lower reason and enter corresponding certificate no. 2. If you have not correct lower reason than change the TDS rate and amount as follows I. If Balance Amount available in Existing challan TDS entry will be modify as follows  Modify TDS rate from 5 % to 1 0%  TDS Amount and adjustment amount will be increase to Rs. 1 000 II. If Balance Amount not available in Existing challan TDS entry will be modify as follows  Modify TDS rate from 5 % to 10 %  Amount Paid credited will be decrease to ( 5 00/ 1 0*100) Rs. 5000 A new entry for balance amount will be add as follows for same deductee  Amount paid/credited 5000  Deduct TDS @ 10 % 5 00  Paid a new challan for 5 00 If Balance Amount available in Existing challan Modify TDS rate And Increase TDS amount and adjust this with challan If Balance Amount not available in Existing challan Modify TDS rate And Decrease Amount paid according TDS And Case 3 .: Other Reasons Steps to be follow:  Click on “Short Deduction (Other reason)” link given on main screen of justification .  New screen will open  In this screen s hort deducted TDS entry of justification will be open with corresponding challan. It may be that there are number of entries with the challan, but we are showing here only the TDS entry/ entries in which default exist  Click on '+' of respective challan to view default TDS Entries  Click on link given on “Short Deduction Amount” to open corresponding TDS Entries.  Now m ake correction in “TDS entry ” .  If in TDS entry lower reason is applicable but not selected then select appropriate lower reason  If rate is selected wrong then Two possible remedies are there: Make a new challan and TDS entry for balance amount paid .  Click on “Update & Exit”.  Example: Amount Paid/credited 10000 TDS Deducted @ 10% 1000 TDS to be deducted @ 20% 2000 Demand Raised (SD) 1000 Now there are two options to rectify demand I. If Balance Amount available in Existing challan TDS entry will be modify as follows  Modify TDS rate from 10 % to 20%  TDS Amount and adjustm ent amount will be increase to Rs. 2000 II. If Balance Amount not available in Existing challan TDS entry will be modify as follows  Modify TDS rate from 10% to 20%  Amount Paid credited will be decrease to (1000/20*100) Rs. 5000 A new entry for balance amount will be add as follows for same deductee  Amount paid/credited 5000  Deduct TDS @ 20% 1000  Paid a new challan for 1000 Summary: If Balance Amount available in Existing challan Modify TDS rate And Increase TDS amount and adjust this with challan If Balance Amount not available in Existing challan Modify TDS rate And Decrease Amount paid according TDS And Activity (Reasons) Results If l ower Reason applicable but not selected Select the appropriate lower Reason If w rong rate selected If Balance Amount available in Existing challan Modify TDS rate And Increase TDS amount accordingly If Balance Amount not available in Existing challan Modify TDS rate And 3. Interest on Payments 4. Interest on Deduction Short Payment Short Deduction Late Payment Late Deduction There is common procedure to rectify the Point No. (3) A nd Point No. (4) General introduction of Interest demand 1. The interest is calculated in justification (Default file) entry wise. 2. There may be demand of interest, even if in challan interest amount has been deposited but interest amount was not entered in “ I nterest claim ed ” column 3. If in challan bifurcation there is no amount deposited against interest, and there is unadjusted amount available in the challan, it can be adjusted against interest. 4. To nullify interest demand y ou are required to enter the amount of interest to be adjusted, against interest, in “ I nterest claim ed ” amount column . 5. If Unadjusted amount is not available in challan, then prepare a new challan for interest and also enter the Interest amount in “ Interest claimed” colum n Conditions Problem Solution Interest amount is deposited in challan even if Interest Demand is raised by department . To nullify Interest Demand two possible remedies 1. If Unadjusted amount is available in challan (Whether in challan bifurcation there is amount exist or not in “Interest” column), then enter the “Interest” amount in “ Interest claimed” column . 2. If Unadjusted amount is not available in challan, then prepare a new challan for interest and also enter the Interest amount in “ Interest claimed” column . Steps to be follow:  Click on any link “Short Payment/ Late Payment/ Short Deduction/ Late Deduction” on main screen of justification.  Following screen showing total interest demand for Short Payment/ Late Payment/ Short Deduction/ Late Deduction will be open Decrease Amount paid according TDS And Make a new challan and TDS entry for balance amount paid .  It will also show A n amount of interest claimed amount in this correction and Adjustable balance amount avail a ble in all challan s to claim interest demand  Interest demand can be settled either by Manually process or Automatically process . Manually process  Click on “ Modify Claim Amount ” button to adjust interest demand challan wise M anually .  Make changes in challan for interest claimed amount accordingly. Automatically process  Click on “ Claim now ” button to adjust inter e st demand , Automatically , from all available challan s .  On click of Claim now Button two possible results may be I. If there is sufficient balance is available in challan to adjust total interest demand Total Interest Demand will be adjust Automatically and U nsettled Interest demand will be show as “Zero” OR II. If there is sufficient balance is not available in challan to adjust total interest demand then Up to available balance in challans it will adjust partial interest demand A utomatically and For balance unsettled interest demands prepare a new challan manually . Summary: Activity (Reasons) Results Interest on Payments  Short Payment xx  Late Payment xx Interest on Deduction  Short Deduction xx  Late Deduction xx Total Interest Demand XXX If Sufficient Balance Amount available in Existing challans to adjust total interest demand Click on “ Claim now ” button Total Interest Demand will be adjust A utomatically Unsettled demand will be show as “Zero” . If Sufficient Balance Amount not available in Existing challan s to adjust total interest demand Click on “ Claim now ” button Up to available balance in challans it will adjust partial interest demand , Automatically , and For bal ance unsettled interest demands prepare a new challan E xample Total Interest Demand in justification 1377.00 Interest amount claimed in this correction already 1000.00 Balance interest demand 377.00 Balance available in challan 4000.00 On click on “ Claim n ow ” button 377.00 will adjust against interest claimed amount and balance will be available in challan (4000 - 377 = 3623.00) Unsettled interest demand will be 0.00 5. Late fees u/s 234E: Steps to be follow:  Click on “ Late filling fees ” link given on main screen of justification  A screen showing details of late filling fees will be open  Late filling fees is applicable from 01.07. 2012  Calculation of late filling fees : 200 R s per day from due date to date of filling OR Total TDS deductible , whichever is less.  “Balance fees to be paid” will show in last column of table  “Payment of late fees” will show fees amount already paid  Difference between “Balance fees to be paid” and “Payment of late fees” will be show in “ unsettled demand colum n ”  Add New/Update Challan for Unsettled Demand of Late Filing Fees Amount. Example : S.No. Due Date of Filing Date of Filing Delay in Filing Fee per Day Total Fee Total TDS Deducted Fee Payable Fee Paid Balance Fee to be Paid 1 15 - Oct - 2012 12 - Nov - 2012 28 200.00 5600.00 6000 .00 5600.00 0.00 5600.00 Payment of Late Fee 0.00 Unsettled Demand 5600.00