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Why should you get registered with TRACES

Why should you get registered with TRACES

An employer or someone running a business may have to deduct TDS and deposit it with the government.

As a deductor, here are the broad 3 steps that you need to take –

  • DEDUCT – deduct TDS from payments he makes
  • DEPOSIT –deposit it to the Govt. by submitting a challan which has details of the TDS
  • REPORT – Report the TDS deducted & deposited to the government in a statement.

TRACES is a name you’ll often here. Here is how TRACES helps you comply with the government’s TDS scheme listed above –

  • TRACES is an integrated platform that provides services to deductors (just like theincometaxindiaefiling.gov.in does for tax payers)
  • You can view online status of your challan deposited in banks using challan identification number or TAN
  • You can download Form 16 & Form 16A
  • You can download TDS Returns
  • You can view past returns linked to your TAN

Do not submit the form if such income has to be Clubbed with the income of another person

Form 15G should not be submitted if your income has to clubbed with someone else. Interest income from money invested in a FD for a non-earning spouse or a child, has to be clubbed with the income of the depositor. In such a case Form 15G cannot be submitted. PAN of the depositor should be provided and TDS should be deducted in the name of the depositor.

Why should you get registered with TRACES

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