TAX INFORMATION NETWORK (TIN - Karvy

1 TAX INFORMATION NETWORK (TIN)TIN-Tax INFORMATION NetworkNSDL-National Securities Depository LtdITD-Income Tax DepartmentTIN-FC-TIN facilitation CentreE-TDS-Electronic Tax Deduction at SourceE-TCS-Electronic Tax Collection at SourceAIR-Annual INFORMATION ReturnTAN-Tax Deduction Account NumberPAN-Permanent Account NumberGLOSSARYTIN FC ACTIVITIESvAcceptance of Application Form 49A for Allotment of PAN and PAN Change RequestvAcceptance of Application Form 49B for Allotment of TANvAcceptance of Paper Returns /AIRvAcceptance of e-TDS / e-TCS Annual and Quarterly ReturnsvAcceptance of e TBAFvPAN Authorization for viewing Annual Tax Statement-26 ASPAN WHY PAN?qItismandatorytoquotePANonreturnofin come, , ,000 ,000 ,000/-ormoreinaBankWHO CAN APPLY qINDIVIDUALSqHUFqCOMPANYqFIRMqTRUSTqASSO CIATION OF PERSONSqARTIFICAL JUDICIAL PERSONqBODY OF INDIVIDUALSqLOCAL AUTHORITYHOW TO APPLY PAN REGULAR ANNEX -JqCompletely and legibly filled and signed formImportant fields -qName of the applicant and applicant s father (for individuals)qDate of Birth/IncorporationqPhoto & signature (for Individuals)qComplete address (with city & pincode/ zipcode)qTelephone number /email IDqStatus of applicantqSource of IncomeqProof of identity one of the specified documents In name of applicant (except ration card)

2 QProof of address one of the specified documents In name of applicant (except ration card) For residential address (for Individuals and HUF) For office address (for other than Individuals and HUF) Valid and Not more than six month old on date of applicationqAO CodeDOCUMENTS REQUIREDINDIVIDUALSAND HUFADDRESS PROOFSIDENTITY PROOFS ELECTRICITYBILLSCHOOLLEAVINGCERTIFICATET ELEPHONEBILLMATRICULATIONCERTIFICATEDEPO SITORYACCOUNTSTATEMENTDEGREE OF RECOGNISED EDUCATIONAL INSTITUTIONCREDITCARDSTATEMENTDEPOSITORY ACCOUNTSTATEMENTBANKACCOUNTSTATEMENT/PAS SBOOKBANK ACCOUNT STATEMENT/ PASSBOOKEMPLOYERCERTIFICATECREDITCARDREN TRECEIPTWATERBILLRATIONCARDRATIONCARDPRO PERTYTAXASSESSMENTORDERPROPERTYTAXASSESS MENTORDERPASSPORTPASSPORTVOTERSIDCARDVOT ERSIDCARDDRIVINGLICENSEDRIVINGLICENSECER TIFICATEOFADDRESSSIGNEDBYAMP,MEMBEROFLEG ISLATIVEASSEMBLYORMUNCIPALCOUNCILLORORGA ZETTEDOFFICERCERTIFICATEOFIDENTITYSIGNED BYAMP.

3 MEMBEROFLEGISLATIVEASSEMBLYORMUNCIPALCOU NCILLORORGAZETTEDOFFICERDOCUMENTS REQUIREDOTHER THAN INDIVIDUALS & HUFCOMPANYCOPYOFCERTIFICATEOFREGISTRATIO NISSUEDBYREGISTRAROFCOMPANIESFIRMCOPYOFC ERTIFICATEOFREGISTRATIONISSUEDBYREGISTRA ROFFIRMSORCOPYOFPATNERSHIPDEEDASSOCIATIO N OF PERSONS (TRUSTS)COPYOFTRUSTDEEDORCOPYOFCERTIFICA TEOFREGISTRATIONNUMBERISSUEDBYCHARITYCOM MISSIONERAOP (OTHER THAN TRUST) OR BODY OF INDIVIDUALS OR LOCAL AUTHORITY OR ARTIFICIAL JURIDICIAL PERSONS COPYOFAGREEMENTORCOPYOFCERTIFICATEOFREGI STRATIONNUMBERISSUEDBYCHARITYCOMMISSIONE RORREGISTRAROFCOOPERATIVESOCIETYORANYOTH ERCOMPETENTAUTHORITYORANYOTHERDOCUMENTOR IGINATINGFROMANYCENTRALORSTATEGOVTDEPTES TABILISHINGIDENTITYANDADDRESSOFSUCHPERSO NCHECKLIST-PAN CHANGE REQUEST ANNEX -KqProof of Issuance of PAN PAN Card PAN Allotment Letter Copy of FIR not mandatory No PAN proof on Good Effort Basis qProof of Identity (POI)qProof of Address (POA)qProof in support of all changes soughtWHAT IS TAN ?

4 ,1961,itismandatorytoquoteTaxDeductionAc countNumber(TAN)allottedbytheIncomeTaxDe partment(ITD) CAN APPLY & WHY TO APPLY?qAll those persons who are required to deduct tax at source or collect tax at source on behalf of Income Tax Department are required to apply for and obtain is mandatory to quote TAN in All TDS / TCS returns All TDS/ TCS payment challans All TDS/TCS certificates to be issued qFailure to apply for TAN or comply with any other provision of section 203A of IT act attracts penalty of 10,000/-HOW TO APPLY?qAdeductormayeithermakeanonlineapp licationthroughNSDL websiteorsubmitphysicalTANA pplicationtoanyTIN-FacilitationCenter(TI N-FC) OF TAN / TAN CR Compare application details with documents submitted & with proof of TAN in case of CR.

5 New TAN for RCC change Generate Acknowledgment through SAM Digitization to be done using own software Software to have double data entry feature Digitized data to pass through FVU Upload within 3days of receiptWHAT IS TDS & TCSqEntities (both corporate and non-corporate deductors) making payments to third parties (deductees) are required to deduct tax at source (Tax Deducted at Source -TDS) from these payments and deposit the same at any of the designated branches of banks authorised to collect taxes on behalf of GOI. qTCS means collection of tax at source by the seller (collector) from the buyer (collectee/payee) of the goods (specified u/s 206C of Income-tax Act, 1961, like timber obtained under forest lease, scrap, any other forest produce not being timber or tendu leaves etc.)

6 ,)qThe seller will deposit the tax collected at source (TCS) at any of the designated branches of the authorised banks. WHAT IS e-TDS/e-TCS ?qElectronicfilingofTDS/ , CAN FILE?qItismandatoryforcorporateandgovern mentdeductorstofurnishtheirTDS/TCSreturn sinelectronicformqDeductors(otherthangov ernmentandcorporate)mayfileTDSreturninel ectronicorphysicalformWHERE TO SUBMIT?qDeductorscansubmite-TDS/e-TCSret urnsthroughTIN-FacilitationCenters(TIN-F C) PRILIMINARY CHECKSqIdentification label on CD/floppyqDuly signed Form 27A in physical formqAuthentication on alterations/overwriting on Form 27 AqOne CD/Floppy -One return One fileqNecessarily a text file (in ASCII format) passed through FVU .txt -phase I .fvu phase IIqNumber of deductee records (> 5 lac to be processed as large return)TDS/ TCS Book Adjustment Form(e-TBAF) qTo be filed by Accounts officer to confirm TDS/TCS deposited qAccounts officer identified by AIN (Acct.

7 Officer Identification No.)qFrequency -Quarterly and in electronic form onlyqContent -DDO wise, month wise and form wise details of total tax deducted/collectedACCEPTANCE OF PAPER STATEMENTPRILIMINARY VERIFICATIONqEligibility of deductor (other than corporate / Govt.)qForms prescribed by ITD (Annual/quarterly)qComplete, legible and signed qMandatory fields -TAN, Name, Form No., FY and Quarter (refer checklist Annexure AB of TOM)qNoenclosures-Bankchallan/ , if required, in full and in paper form onlyqCopy of original Provisional Receipt (if correction statement)qAdhere to checklistqPayment made by transfer voucher electronic returnANNUAL INFORMATION RETURN ( AIR)qTobefurnishedby specifiedentities inrespectofspecifiedfinancialtransaction sregistered/recordedbythemduringthefinan cialyear(beginningonorafterApril1,2004)q Forspecifiedhighvaluefinancialtransactio nsqInForm61 APartA Controltotals(Physical)PartB ElectronicFormqOneEntitytofurnishoneretu rnforafinancialyearqDuedateoffilingofAIR :31stAugustofthefollowingyearWHERE TO FILE ?

8 QCBDT(CentralBoardofDirectTaxes)hasautho rizedNationalSecuritiesDepositoryLimited (NSDL)toreceiveAIRthroughtheTINF acilitationCentersonbehalfofCIT(CIB). IS FORM 26AS ? statement, with respect to a financial year, will include details of: Tax deducted at source Tax collected at source Advance tax/self assessment tax/regular assessment tax, etc. deposited by the taxpayers (PAN holders) qForm 26AS will be prepared only with respect to Financial Year 05-06 onwards HOW TO VIEW ?qClient has to successfully register by furnishing the required INFORMATION at NSDL websiteqAfter verification of the details and proofs , TIN FC has to successfully authorise the requestqStatus of registration available on siteqStatement view available after three days of authorizationPROOFS REQUIRED FEES STRUCTURE ParticularsFeesTotal Service Tax @ *TotalAmount to be charged PAN ApplicationsRs.

9 85Rs. 94 PAN Applications (where foreign address is provided as address for communication)Rs. 675Rs. 744 Upload of Returns/ Statements/e-TBAF (upto 100 deductees / collectee/ transacting parties records per return / statement/records per e-TBAF)Rs. per ReturnRs. 30 Upload of Returns/ Statements/e-TBAF (101 to 1000 deductes / collectee/ transacting parties records per return / statement/records per e-TBAF)Rs. 165 per ReturnRs. 182 Upload of Returns/ Statements/e-TBAF (more than 1000 deductees / collectee/ transacting parties records per return / statement/records per e-TBAF)Rs. 550 per ReturnRs. 607 TAN ApplicationsRs. 55Rs. 60 PAN Authorisation in case applicant visits TIN-FCRs.

10 15Rs. 17 PAN Authorisation in case TIN-FC visits applicantRs. 100Rs. 110 THANK YOU