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Have you paid the Central government-mandated TDS? Unfortunately, there are times when a silly mistake such as selecting the wrong assessment year or entering the wrong PAN / TAN can lead to significant deductions.
This can also lead to no tax credit situation for the deductee. However, the government portal allows you to make TDS corrections in TRACES online and offline.
Keep reading to understand how to rectify errors in the TDS challan with a few steps.
You can complete the TDS correction in TRACES online. However, TDS Reconciliation Analysis and Correction Enabling System or TRACES requires a digital signature for challan correction and registration.
Here are the steps for online challan correction -
These steps will help you make the necessary TDS correction online in the challan.
You can follow the online challan correction steps to make the relevant PAN correction.
The action status changes to “Save for Valid PAN”.
You can download an edited file after a correction has been processed. This new challan will be displayed in the downloaded consolidated file section.
If you are uncomfortable with this online process, the TRACES also allows you to change the challan offline.
The mechanism for correction in challan is also available for those tax payments which the taxpayer directly deposits in banks.
You can make relevant corrections in TDS challan offline for tax payments that are directly deposited in banks.
A taxpayer has to visit respective banks where a physical challan has been deposited. The changes can be made within a specific time window.
Here is a table explaining time frame for challan correction -
|
Correction Type |
Period for Correction (From the Date of Challan Deposit) |
|
Assessment Year |
Within 7 days |
|
TAN/ PAN correction in TDS return |
Within 7 days |
|
Total Amount |
Within 7 days |
|
Minor Head |
Within 3 months |
|
Major Head |
Within 3 months |
|
Nature of Payment |
Within 3 months |
However, these changes are subject to certain conditions -
The Income Tax Department has a procedure in place for correcting any mistake in statements or original returns by submitting correction statements or returns.
Follow the steps mentioned above to make necessary TDS correction in TRACES online and offline ways.
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Disclaimer: This information is added only for informative purposes and collected from different sources across the Internet. Digit Insurance is not promoting or recommending anything here. Please verify the information before making any decisions.
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