How to Correct Your TDS Return: Step-by-Step Guide
Learn how to correct your TDS return efficiently with our step-by-step guide. Avoid compliance issues with accurate updates!
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To correct your TDS return, follow these steps: 1. Log in to the TRACES website. 2. Go to ‘Defaults’ and select ‘Correction.’ 3. Download and fill in the Conso file with the required changes. 4. Validate the file using the File Validation Utility (FVU). 5. Upload the corrected file back to the TRACES portal. Ensure all fields are accurately updated to avoid future compliance issues.
FAQs & Answers
- What is a TDS return? A TDS (Tax Deducted at Source) return is a statement submitted by deductors to the tax authorities indicating the amount of tax deducted from payments made to each taxpayer.
- Why do I need to correct my TDS return? Correcting your TDS return is essential to ensure accurate tax records, compliance with tax laws, and to avoid any penalties that may arise due to discrepancies.
- How can I validate my TDS return file? You can validate your TDS return file using the File Validation Utility (FVU) provided by the Income Tax Department before submitting it to ensure there are no errors.
- What should I do if I encounter issues while correcting my TDS return? If you face issues while correcting your TDS return, it is advisable to consult the TRACES helpdesk or seek assistance from a tax professional for guidance.