How deductor can Submit Self-Declaration for Lower Deposit of TDS

Centralized Processing Cell (TDS) has started sending notices to those deductors who have  paid 40 to 60% lesser TDS during the period from April 1 to October 15, 2015 as compared to the corresponding period in Financial Year 2014-15.

If as a deductor you have reasonable causes for less Deduction and less Payment of tax with respect

to the abovementioned reduction. CPC TDS has released a “Self Declaration” feature on its web-portal TRACES with respect to Lower TDS deposited during a Quarter/s to facilitate the deductors to share the reasons for reduction in TDS deposited during the year or quarter compared to last year.

How to use the functionality:

• Login to your deductor account on TRACES Website ( http://contents.tdscpc.gov.in/en/home.html) using your user id and Password
• Navigate to “Declaration to Deposit Lower TDS” under “Statements/ Payments” Menu
• Add statement details with respect to Financial Year, Quarter and Form Type for which declaration needs to be made.
• Add “Nature of Payment” and “TDS Lower by %”
• Select “Reasons for Lower Deduction” from the drop down menu.
• Check declaration by submitting “I Agree” radio button.

The following provides a view of the final screen after submitting required details:

If any amount needs to be deducted and deposited, immediate action may be taken without any further delay to avoid Penal consequences and interest payment.Otherwise, you are requested to submit at your option the “Self-Declaration for Lower Deposit of TDS” as prescribed above.