Procedure to Register a Person as Principal Officer - TDS/TCS Compliance

-

 

PART A:

PROCEDURE TO REGISTER A PERSON AS PRINCIPAL OFFICER

 

·       Visit https://report.insight.gov.in/reporting-webapp/portal/homePage

 

 

·       Click on “Register”

·       It will redirect to Income tax E-filing site.

 

·       Login through TAN Credentials of the Entity.

 

·       Under “Pending Actions” Tab – Click on “Reporting Portal”.

 

·       It will redirect to Insights site, there you will find 4 options

·       Proceed through “New Registration” option.

 

 

·       In the next page, you will find “Form type” field – Select “Compliance check” option.

·       Go next

 

 

·       Fill Details of the entity

 

 

·       Then Click on “Add Principal Officer” tab

·       Fill in the details of Principal Officer and submit the form.

 

 

·       Credentials for login will be sent to Email id which was given while filling Principal Officer Details.

 

 

 

After successful registration, Principal officer  at the time of deducting/collecting tax  has to follow the below mentioned procedure to know whether the person for/from whom tax is to be deducted/collected fall under the category of Specified person as mentioned above.

 

PART B: 

PROCEDURE TO CHECK WHETHER THE DEDUCTEE OR COLLECTEE IS A SPECIFIED PERSON.

 

Visit https://report.insight.gov.in/reporting-webapp/portal/homePage and Login through the credentials of Principal Officer.

 

·       Select form type as Compliance checks and proceed.

 

 

·       Select Authorized Person as “Principal Officer” and proceed.

 

·       Click on “Compliance check for section 206AB & 206CCA”

·       Use either “PAN search” or “Bulk search” to check whether a person is “Specified person” as per sec 206AB & 206CCA.

 

·       For PAN Search- Just enter the PAN number of the buyer/seller as the case may be and search for result.

 

 

·       For Bulk search –

o   Download CSV template and fill in the PAN numbers of buyers/sellers

o   Save it

o   Upload it by clicking on “Upload CSV” option.

o   After Uploading, site will take some time to process the file uploaded.

o   Once it is processed, status will change from “Uploaded” to “Available”

o   Download the file to view the status of “Specified person”.

 

 

Comments

Post a Comment

Popular posts from this blog

TDS Compliances in Brief - Financial Year 2023-24 and 2024-25

-
  TDS COMPLIANCES FOR THE FINANCIAL YEAR 2023-24 and 2024-25 ASSESSMENT YEARS 2024-25 and 2025-26   Nature of Payment Threshold Limit ( Rs.) Company / Firm / Co-operative Society / Local Authority Individual / HUF If No PAN / Invalid PAN (Sec 206AA) Section Description IT Rate (%) IT Rate (%) IT Rate (%) 192   Salaries (Refer Note: 1) - NA 12 Equal Instalments 20 (Also refer Note 11) 194 Payments towards Dividend 5,000 10 10 20 (Also refer Note 11) 194A Interest other than interest on securities (Refer Note: 2) 5,000 10 10 20 (Also refer Note 11) 194C Payment to Contractor - Single Trans action (Refer Note. No.3) ...
Read more

Section 206C(1H) - TCS Compliane - Financial Year 2023-24 and 2024-25

-
  TCS COMPLIANCES FINANCIAL YEAR 2023-24 and 2024-25 ASSESSMENT YEAR 2024-25 and 2025-26 Section 206C (1H) Seller to Collect TCS on Sales Threshold Limit Rs.50.00 lacs Rate of TCS: 0.1%   NOTES: I            Applicability of Section, Rates, etc   1.          Every Seller who receives any amount (inclusive of GST) as consideration for sale of goods (Other than Exports) of value or aggregating Rs 50,00,000 in any Financial Year, then at the time of receipt of such amount, has to collect Tax (TCS) from buyer @0.1% on amount exceeding Rs 50,00,000/-.   However, Provisions of this section shall not be applicable if buyer is liable to deduct TDS U/s 194Q (Refer our Circular on TDS Compliances)                    ...
Read more

Cost Inflation Index for the Financial Year 2024-25 is 363

-
  NOTIFIED COST INFLATION INDEX UNDER SECTION 48, EXPLANATION ( V ) – FINANCIAL YEAR 2024-25 The Ministry of Finance, through the Central Board of Direct Taxes (CBDT), issued Notification No. 44/2024-Income-Tax on May 24, 2024, detailing the Cost Inflation Index (CII) for the financial year 2024-25 i.e. Assessment Year 2025-26 and it is 363. Sl. No. Financial Year Cost Inflation Index ( 1 ) ( 2 ) ( 3 ) 1 2001-02 100 2 2002-03 105 3 2003-04 109 4 2004-05 113 5 2005-06 117 6 2006-07 122 7 2007-08 129 8 2008-09 137 9 2009-10 148 10 2010-11 167 11 2011-12 184 12 2012-...
Read more