The blog discusses a detailed view of TDS Traces, all the procedures to download TDS form 16, and everything you need to know.
TDS Reconciliation Analysis and Correction Enabling System is TRACES’s latest addition. In addition, the Department of Income Tax offers TDS traces online at their official portal. The goal of this clause is to make it easier for both deductors and taxpayers of TDS to locate and settle paid taxes to request rebates and file returns.
Who Is Eligible To Enroll For TRACES
The following is a list of individuals who can register for TRACES:
(i) Deductor or Collector (ii) Taxpayer (iii) Payroll Accounting Office
What Is The Difference Between A Tax Deductor And A Tax Collector (Deductor)?
TRACES registration is required for any payer who withdraws tax on behalf of their clients or receives tax from them.
We will learn about the TRACES enrollment process, how to enroll as a deductor for the first time, TDS traces enrollment, TDS traces authentication, and more in this blog.
Why Is It Necessary For The Deductor To Enroll With TRACES?
After enrolling on TRACES, the payer will have access to the following features:
(i) Check refund progress (ii) Register as an administrator (iii) Creating Sub-Users (iv) Edit online or offline (v) Form 16 / 16A creation (vi) Viewing the status of a declaration (vii) Viewing a Challan’s Condition (viii) 197 Certificates to be Verified (ix) Obtaining the Justification Letter (x) Validation of PANs, or Bulk PANs (xi) Organise your account (xii) Checking the amount of TDS or TCS refund against a PAN (xiii) xiv) Statement of non-filing (xiv) Announcement of paying Lower TDS Pending demand condition.
When Should You Register For TRACES?
The deductor can enroll on TRACES after submitting the first TDS Return. Nevertheless, to be registered the TDS return result on the TIN Portal, you must select “grasped at CPC.”
Procedure For TDS Registration On TRACES
The following are the steps to becoming a member of TRACES:
Step 1: Go to TRACES and open it.
Step 2: Select the option to Signup as a New Member.
Step 3: Choose the deductor from the drop-down menu and click the Proceed option.
Step 4: Input the deductor’s Temporary Account Number (TAN). A confirmation email will be issued to the email address or phone number provided during registration. After that, click the Proceed option.
Step 5: Input the Token number obtained while filing a TDS return and the financial quarter, month, and Form Type CIN/BIN and PAN data.
Step 6: After entering the information, an identification code is created, effective for the period stipulated in Step 5.
Step 7: Fill in the password, and any further information, such as the TAN and the deductor’s name, will be auto-filled. However, you must change the authorised person’s information. Note that the PAN of the deductor and the PAN of authorised personnel can be the same for the case of an Individual or a Business.
In other circumstances, such as a corporation or a limited liability partnership, the PANs of the deductor and authorised representative may differ.
Step 8: After entering the code, you must create a Username And password.
Step 9: Once you’ve configured the credential, you’ll receive a confirmation mail. To proceed to Signup, click the Agree link. Use the Edit function if you want to make a change.
Step 10: You’ll see a notice that says “Register request properly submitted” when you confirm. Additionally, an activation key with credentials will be emailed to the email and password you provided. You can sign in to TRACES once your registration has been approved.
Login To TDS Traces
TRACES is the portal for rectification enabling devices and TDS rapprochement, as previously stated. This website makes it simple for deductors to submit TDS/TCS rectification reports. TDS deductors can now register on TRACES TDS and conveniently file online rectification reports. Regarding consumers, TRACES can be utilised to examine and print form 26AS. However, users must enrol on this website, provide their cell phone numbers, email addresses, and PAN numbers, and create an online profile with proper credentials. You can sign in to your TRACES account by following the steps below.
Step 1: Go to the website, and you’ll see a pop-up. At the bottom of the pop-up, you’ll see a “next” button. Continue by pressing the enter key.
Step 2: Once you’ve arrived at the site, click the Register option at the upper left explorer bar.
Step 3: You’ll be taken to a screen where you’ll need to input your login information (username and password).
TDS Traces Homepage: Applications and Key Connections
The TDS TRACES site assists tax deductors and collectors in performing the following activities:
• Make TCS/TDS corrective statements and file them.
• Download and print Form 26AS
• View invoice status • Send payment issues online • Check the status of different tax returns online • Correct originally submitted TDS Returns online • Correct OLTAS cheques online • Download the Justification Statement, aggregated (conso) file, Form 16A (for TDS deductors only), and Form 16.
The online services available through the TDS TRACES website provide a convenient way to do a wide range of tax-related tasks. This has also superseded the prior paper-based methods, which were inefficient. For example, corrections of challans and PANs have never been easier, thanks to our online rectification mechanism.
Take a look at the following critical links, which are accessible to anyone who logs into the TDS TRACES webpage:
• Online TDS report filing • Online TDS report rectification • Deductor’s account overview panel • Default Solution
• TAN (Tax Deduction and Collection Account Number) enrollment online
Instructions for Obtaining TDS Traces Form 16
Follow The Steps Outlined Here To Obtain TDS Traces Form 16:
Step 1: Go to the TRACES portal and sign in using the deductor’s legitimate username, passcode, confirmation code, and TAN.
Step 2: You’ll be taken to the main page, where you can verify the status of your statement underneath the “Statement/Payment” option before submitting the Form 16 request. You can request to obtain Form 16 whenever the Statement Status changes to “Statement Processed without Custom” or “Statement Completed with Default.”
Step 3: Select “Form 16” from the “Downloads” menu.
Step 4: The deductor can request “Form 16” via the “Bulk PAN” or “Search PAN download” download options.
Step 5: When the information of authorized personnel to be written on Form 16 appears on the screen, click “Submit” to continue.
Step 6: You must enter a pin code from the initial assertion that matches the testing, quarterly, and fiscal year shown when the form category, financial year, and fraction for which KYC is needed are auto-populated. Then, depending on the most recent correct statement produced by you, you must submit valid PAN/CIN details connected to the quarter, fiscal year, and form type indicated on the screen. Again, it’s important not to duplicate the information. An identification code is created after valid KYC details are available, and it is applicable for the same area to form, fiscal year, and month.
Step 7: After successfully submitting the request, two distinct “Request codes” for Form 16 (parts A and B) will be issued that you can use to trace the request status. You can print Form 16 after the status changes to “Open.”
Step 8: Go to the “Requested File” page and look for Form 16. The alternatives listed below can be used to monitor the status of your Form 16:
• Date • Petition Number • All Requests
Step 9: As a deductor, you can use the “HTTP print” choice to get Form 16. You could locate any of the three stages for the Form 16 application, which are as continues to follows:
- Downloadable: Form 16 can be downloaded.
- The request is being processed after completion and submission.
- Failed: CPC advises users to contact them (TDS).
- Disabled: A duplicated request for uploading has been filed.
- The PAN numbers in the report are all incorrect.
- This item is not accessible.
- The statement has no deductee information.
Step 10: The deductor must download “Form 16 PDF Conversion Tool 1.4 L” to transfer Form 16 (Part A) to PDF.
Step 11: The deductor must obtain “Form 16 PDF” to transform Form 16 (Part B) to PDF.
This blog is a comprehensive explanation of TRACES registration and everything that gain knowledge on TDS taxes.