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Top 100+ E Tds Return Filing Interview Questions And Answers - May 29, 2020

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Top 100+ E Tds Return Filing Interview Questions And Answers

Question 1. Who Is Required To File E-tds / E-tcs Statement?

Answer :

As per Income Tax Act, 1961, all corporate and authorities deductors / creditors are mandatorily required to record their TDS / TCS statements on digital media (i.E. E-TDS / TCS statements). However, deductors / collectors other than corporate / authorities can report either in physical or in digital form.

Question 2. What Will Be The Consequences If I Do Not File Tds / Tcs Statement Within Due Date?

Answer :

There will be a levy of Rs. Two hundred.00 per day below segment 234E of the IT Act, 1961 from the due date until the date while statement is filed.

Financial Accounting Interview Questions
Question three. Is There Any Penalty For Non-submitting Of Tds / Tcs Statements?

Answer :

Yes. If TDS / TCS announcement is not filed for three hundred and sixty five days from the due date of submitting, there might be a penalty of minimal Rs. 10,000.00 to Rs. 1,00,000.00 for now not filing TDS / TCS statement underneath segment 271H of the IT Act, 1961.

Question 4. What Are The Different Statuses Available On Traces Regarding Tds / Tcs Statement?

Answer :

Following processing popularity shall be displayed for everyday announcement:

Pending for Processing
Processed for Form 26AS
Processed without Defaults
Processed with Defaults 
 Following processing fame shall be displayed for correction announcement:

Pending for Processing
Processed for Form 26AS
Processed without Defaults
Processed with Defaults
Rejected
Accounts and Finance for Managers Tutorial
Question 5. What Are The Common Reasons For Rejection Of Correction Statement By Tds-cpc?

Answer :

Following are the not unusual reasons for rejecting a correction declaration:

TAN isn't legitimate as consistent with facts at TDS CPC

Statement similar to ordinary token wide variety / preceding token range field, as given in correction go back, does now not exist

Previous token number does now not correspond to the ultimate typical correction statement at TDS CPC

Correction is filed for a normal return that's in cancelled kingdom

In a correction announcement, below are the verification keys which must in shape with the corresponding fields of regular statement:

RRR assessment 12 months
Return Financial Year
Periodicity
Previous Token wide variety
Last TAN of Deductor
Receipt wide variety of Original / Regular Return
Form quantity
Sum given in 27A form should healthy with the sum of deducted amount of deductee facts given in the correction assertion 

Accounts Interview Questions
Question 6. What Are The Reasons To Reject The Correction In Deductee Records By Tds-cpc?

Answer :

Rejection motives pertaining to deductee information are as follows:

In a correction announcement that updates / deletes deductee rows, verification keys from deductee statistics that must in shape with corresponding fields in normal / preceding go back are – Last PAN, Last overall quantity deducted at supply, Last overall quantity deposited 
Updation / deletion on deductee file is submitted in a correction announcement but this deductee record does not exist in previous/ regular go back
Valid PAN to invalid PAN update isn't always allowed for a deductee row
Deductee element document wide variety should be specific in case of addition of deductees
If value of Reason for non-deduction / lower deduction / higher deduction / threshold field as in line with ordinary or last correction announcement is ‘C’ , then update may be performed only on ‘PAN’, ‘Amount of Payment’ and ‘Date of Payment’
Deletion of deductee record having fee C in Reason for non-deduction / decrease deduction/ better deduction / threshold field, is not allowed
Valid PAN to every other valid PAN replace may be carried out best as soon as for a given deductee row 
Question 7. What Are The Reasons To Reject The Correction In Salary Detail Records By Tds-cpc?

Answer :

Rejection reasons bearing on revenue information are as follows:

In case of salary element PAN replace or delete of salary detail report, last general gross income have to healthy with corresponding fee in ordinary / previous declaration
Salary element report on which correction is filed does not exist within the regular / preceding return
In case of addition of profits detail file, the record quantity must be particular and in collection with the prevailing statistics in everyday / previous return
Accounts and Finance for Managers Interview Questions
Question 8. What Is Annual E-tds/tcs Return?

Answer :

Annual e-TDS/TCS return is the TDS return under section 206 of the Income Tax Act (organized in Form Nos. 24, 26 or 27) or TCS go back below phase 206C of the Income Tax Act (organized in Form No. 27E), which is ready in electronic media as per prescribed information shape. Such returns supplied in a CD/Pen Drive have to be accompanied by way of a signed verification in Form No. 27A in case of Annual TDS returns or Form No. 27B in case of Annual TCS return

Question 9. What Is Quarterly E-tds/tcs Statement?

Answer :

TDS/TCS returns filed in electronic form as per segment 200(three)/206C, as amended with the aid of Finance Act, 2005, are quarterly TDS/TCS statements. As in line with the Income Tax Act, those quarterly statements are required to be furnished from FY 2005-06 onwards. The paperwork used for quarterly e-TDS statements are Form Nos. 24Q, 26Q and 27Q and for quarterly e-TCS assertion is Form No. 27EQ. These statements filed in CD/Pen Drive have to be accompanied by a signed verification in Form No. 27A in case of both e-TDS/TCS statements.

Taxation Interview Questions
Question 10. Who Is Required To File E-tds/tcs Return?

Answer :

As consistent with Income Tax Act, 1961, all corporate and government deductors/ collectors are compulsorily required to record their TDS/TCS returns on digital media (i.E. E-TDS/TCS returns). However, deductors/collectors apart from corporate/authorities can record either in bodily or in electronic form.

Question eleven. E-tds/tcs Returns Have Been Made Mandatory For Government Deductors. How Do I Know Whether I Am A Government Deductor Or Not?

Answer :

All Drawing and Disbursing Officers of Central and State Governments come under the class of Government deductors.

VAT Interview Questions
Question 12. Under What Provision Should E-tds/tcs Returns Be Filed?

Answer :

An e-TDS go back have to be filed below Section 206 of the Income Tax Act in accordance with the scheme dated August 26, 2003 for digital filing of TDS go back notified by the Central Board of Direct Taxes (CBDT) for this cause. CBDT Circular No. Eight dated September 19, 2003 can also be referred.

An e-TCS return ought to be filed underneath Section 206C of the Income Tax Act according with the scheme dated March 30, 2005 for electronic filing of TCS go back notified through the CBDT for this reason.

As in step with segment two hundred(3)/206C, as amended by means of Finance Act 2005, deductors/ creditors are required to document quarterly TDS/TCS statements from FY 2005- 06 onwards.

Financial Accounting Interview Questions
Question 13. Who Is The E-submitting Administrator?

Answer :

CBDT has appointed the Director General of Income Tax (Systems) as e-Filing Administrator for the purpose of digital submitting of TDS/TCS returns.

Question 14. Who Is An E-tds/tcs Intermediary?

Answer :

BDT has appointed National Securities Depository Limited, (NSDL), Mumbai, as e-TDS/TCS Intermediary. NSDL has mounted TIN Facilitation Centres (TIN-FCs) across the u . S . A . To facilitate deductors/ collectors document their e-TDS/TCS returns.

Question 15. Is There Any Software Available For Preparation Of E-tds/tcs Return?

Answer :

NSDL has made to be had a freely downloadable return coaching utility for preparation of e-TDS/TCS returns. Additionally, you may increase your very own software for this motive or you could gather software program from various 0.33 birthday party providers. A list of vendors, who've knowledgeable NSDL that they have got advanced software program for getting ready e-TDS/TCS returns, is available at the NSDL-TIN internet site.

Accounting Principles Interview Questions
Question 16. Are The Forms Used For E-tds/tcs Return Same As For Physical Returns?

Answer :

Forms for filing TDS/TCS returns were notified by CBDT. These forms are identical for electronic and bodily returns. However, e-TDS/TCS return is to be organized as a easy text ASCII file in accordance with the required statistics structure (report format) prescribed through ITD.

Question 17. What Is Challan Serial Number Given By The Bank?

Answer :

Bank Challan Number is a receipt quantity given by using the financial institution department in which TDS is deposited. A separate receipt variety is given for every challan deposited. You are required to say this challan range inside the e-TDS/TCS go back and no longer the preprinted numbers on the bank challan form i.E. ITNS 269 or ITNS 271.

Tax Deducted at Source (TDS) Interview Questions
Question 18. What Is ‘financial institution Branch Code’? Where Do I Get It From?

Answer :

Reserve Bank of India has allocated a unique seven-digit code to each bank branch. You are required to say the code of the financial institution branch in which TDS is deposited within the e-TDS/TCS go back. You can get this code from the bank branch in which TDS quantity is deposited.

Accounts Interview Questions
Question 19. Is It Mandatory To Mention Tax Deduction Account Number (tan) In E-tds/tcs Return?

Answer :

Yes, it's far obligatory to say the ten digit reformatted (new) TAN on your e-TDS/TCS return.

Question 20. What Should I Mention In The Field ‘paid By Book Entry Or Otherwise’ In Deduction Details?

Answer :

If price to the events (on which TDS has been deducted) has been made truely i.E. By means of coins, cheque, call for draft or any other suitable mode, then ‘in any other case’ must be noted in the precise discipline. But if price has not been really made and merely a provision has been made at the ultimate date of the accounting year, then the option ‘Paid through Book Entry’ has to be decided on.

Pan Tan Service Tax Interview Questions
Question 21. By Whom Should The Control Chart Form 27a Be Signed?

Answer :

Form 27A is the summary of the TDS/TCS statement. It has to be signed through the identical person who's authorized to sign the TDS/TCS assertion in paper layout.

Question 22. What If E-tds/tcs Return Does Not Contain Pans Of All Deductees?

Answer :

In case PANs of some of the deductees aren't noted within the e-TDS/ TCS return, the Provisional Receipt will point out the rely of lacking PANs in the e-TDS/TCS return. The info of lacking PANs (to the volume it is able to be collected from the deductees) may be filed inside seven days of the date of Provisional Receipt to TIN-FC. E-TDS/TCS go back may be familiar even with lacking PANs. However, if PAN of deductees isn't given inside the TDS return, tax deducted from price made to him can't be posted to the announcement of TDS to be issued to him usa203AA.

Question 23. Is The Challan Identification Number Compulsory?

Answer :

Yes. Challan Identification Number is necessary for all non-Government deductors.

Sales Tax Interview Questions
Question 24. Is Pan Mandatory For Deductors And Employees/deductees?

Answer :

PAN of the deductors has to accept via non-Government deductors. It is essential to cite PAN of all deductees failing which credit score of tax deducted will no longer receive.

Accounts and Finance for Managers Interview Questions
Question 25. After I Prepare My E-tds/tcs Return, Is There Any Way I Can Check/ Verify Whether It Conforms To The Prescribed Data Structure (document Format)?

Answer :

Yes, after you have prepared your e-TDS/TCS go back you could take a look at/affirm the same with the aid of the use of the File Validation Utility (FVU). 

Question 26. What Is File Validation Utility (fvu)?

Answer :

FVU is a software advanced through NSDL, which is used to ascertain whether or not the e-TDS/TCS go back record includes any format stage blunders(s). When you pass e-TDS/TCS return through FVU, it generates an ‘mistakes/reaction report’. If there are no errors inside the e-TDS/TCS go back document, error/reaction file will show the manipulate totals. If there are mistakes, the mistake/response file will show the mistake region and mistakes code along side the error code description. In case you locate any blunders, you can rectify the error and pass the e-TDS/TCS go back record once more thru the FVU until you get an error-loose file.

Service Tax Interview Questions
Question 27. What Is The ‘add File’ In The New File Validation Utility?

Answer :

Earlier the e-TDS/TCS go back document after validating the use of File Validation Utility (FVU) needed to be filed with TIN-FC. Now ‘Upload File’ this is generated via the FVU whilst the go back is confirmed the usage of the FVU must be filed with TIN-FC. This ‘add document’ is a document with the identical filename as the ‘enter document’ but with extension .Fvu. Example ‘enter record’ name is 27EQGov.Txt, the add document generated may be 27EQGov.Fvu.

Taxation Interview Questions
Question 28. What Are The Platforms For Execution Of Fvu?

Answer :

For Annual Returns, FVU can be finished on any of the Windows platforms stated below: Win 95/Win ninety eight/Win 2K Professional/Win 2K Server/Win NT 4.0 Server/Win XP Professional.

For Quarterly Returns, Java has to be set up to run FVU. Details are given in FVU section of NSDL-TIN website.

Question 29. What Are The Control Totals Appearing In The Error/response File Generated By Validating The Text File Through File Validation Utility (fvu) Of Nsdl?

Answer :

The Control Totals in Error/Response File are generated handiest while a valid report is generated. Otherwise, the Error/Response File indicates the nature of blunders.

The manipulate totals are as beneath:

Number of deductee/birthday celebration records: In case of Form 24/24Q, it's miles same to the wide variety of employees for which TDS return is being organized. In case of Form 26/27/26Q/27Q, it's far same to the overall variety of records of tax deduction. 10 bills to 1 celebration would imply 10 deductee records.

Amount Paid: This is the Total Amount of all payments made on which tax changed into deducted. In case of Form 24/24Q, it's far same to the Total Taxable Income of all the employees. In case of Form 26/27/26Q/27Q, that is identical to the entire of all of the quantities on which tax has been deducted at supply.

Tax Deducted: This is the Total Amount of tax sincerely deducted at source for all payments.

Tax Deposited: This is the full of all the deposit challans. This is typically the same as Tax Deducted however at times can be distinctive due to interest or other quantity.

Income Tax Interview Questions
Question 30. Are The Control Totals Appearing In Form 27a Same As That Of Error/ Response File?

Answer :

Yes, the manage totals in Form 27A and in Error/Response File are equal.

Question 31. What Essential Information Should Be Given In The Quarterly Statements To Enable Accurate Generation Of Pan-sensible Ledger Account?

Answer :

The accuracy of PAN-smart ledger account will depend on:

Correct quoting of TAN by the deductor.
Correct quoting of PAN of deductor.
Correct and complete quoting of PAN of deductee.
Correct quoting of CIN (Challan Identification Number) anywhere price is made via chal lan.
Question 32. How Will The Pan-smart Ledger Account Be Created By Nsdl In Respect Of Payment Of Tds Made By Deductors In Banks?

Answer :

The PAN-sensible ledger account can be created after matching the records in the TDS/TCS statements filed by using the deductor/collector and the info of tax deposited in banks coming through On Line Tax Account System (OLTAS).

Question 33. From Which Financial Year Will The Annual Statement Under Sec. 203aa (shape No. 26as) Be Issued?

Answer :

The annual declaration (Form No. 26AS) could be issued for all tax deducted and tax collected at source from FY 2005-06 onwards after the expiry of the monetary yr.

VAT Interview Questions
Question 34. Do I Have To Affix A Label On The E-tds/tcs Return Cd/pen Drive? What Do I Mention On The Label Affixed On The E-tds/tcs Return Cd/pen Drive?

Answer :

No, there may be no want to affix a label on pc media.

Question 35. Can A Single E-tds/tcs Return Be Filed In Two Or More Cd / Pen Drive?

Answer :

No, one go back can't be supplied in  pc media.




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