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KPMG FLASH NEWS KPMG IN INDIA Amendment in TDS provisions do not cast a liability to deduct tax on amount already credited or paid before such amendment 3 July 2013 Background Recently, the Bangalore

How to fill out amendment in tds provisions

Point 1: To fill out an amendment in TDS (Tax Deducted at Source) provisions, you need to follow a few steps:

1. Obtain the necessary forms: The first step is to acquire the relevant form for filing the amendment. In most cases, this is Form 26QB for TDS on property transactions or Form 26AS for TDS on other payments. These forms can be obtained from the income tax department's official website or through authorized centers.
2. Gather required information: Once you have the appropriate form, gather all the necessary information needed to fill out the amendment. This may include details like the TAN (Tax Deduction and Collection Account Number), PAN (Permanent Account Number), name and address of the deductor and deductee, TDS payment details, etc.
3. Make necessary updates: Carefully review the existing TDS provisions and identify the sections that require amendment. If any details need to be altered or corrected, make the appropriate changes in the amendment form. Fill in the revised information accurately to avoid any discrepancies.
4. Attach supporting documents: If there are any supporting documents required to substantiate the changes made in the amendment, ensure that they are properly attached. This could include documents like revised certificates, agreements, invoices, or any other relevant proofs.
5. Verification and submission: Double-check all the information filled in the amendment form, ensuring it is accurate and complete. Once everything is verified, submit the duly filled and signed form along with the supporting documents to the designated authority within the specified timeframe.

Point 2: The individuals or entities that need to file an amendment in TDS provisions are as follows:

1. Deductors: Any person or entity responsible for deducting TDS at the source is required to file an amendment when there are changes or corrections needed in their TDS provisions. This includes employers, businesses, or organizations deducting TDS on salaries, payments to contractors or professionals, rent, etc.
2. Deductees: Individuals receiving income subject to TDS may also need an amendment if there are errors in their TDS provisions. For example, if incorrect PAN details were provided or if the deductor failed to deduct TDS, the deductee may have to file an amendment for rectification.
3. Authorities: In certain cases, the income tax authorities may demand an amendment in TDS provisions. This can happen during tax assessments, audits, or if any discrepancies are identified by the authorities themselves.

It is important to consult the income tax regulations and guidelines specific to your country to ensure compliance and accuracy while filling out amendments in TDS provisions.

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What is amendment in tds provisions?

Amendment in tds provisions is a process of updating or correcting information related to tax deducted at source.

Who is required to file amendment in tds provisions?

The entity or individual who has deducted tax at source is required to file an amendment in tds provisions.

How to fill out amendment in tds provisions?

Amendment in tds provisions can be filled out online through the official portal by providing the necessary details and uploading supporting documents.

What is the purpose of amendment in tds provisions?

The purpose of amendment in tds provisions is to ensure that accurate information regarding tax deducted at source is reported to the tax authorities.

What information must be reported on amendment in tds provisions?

The information that must be reported on an amendment in tds provisions includes details of the original tds deduction, the corrections to be made, and supporting documentation.