Rules for Consolidated TDS Certificate

Rules for Consolidated TDS Certificate

A statement or the certificate which is provided by the tax deductor after the deduction of tax is known as the TDS certificate. The tax deductor is supposed to issue, sign and furnish the same in a particular format and it is handed over the same to the person from whom the TDS amount is deducted. Any delay in providing the same makes the tax deductor liable of Rs100 per certificate per day.

The TDS certificate is a consolidated statement which gives the necessary information of all the amounts deducted in a particular assessment year in respect of the liable TDS along with the dates when the same has been deposited in the Income Tax Department. Moreover it also furnishes the information of all the investments done by the assesse in response of the liable TDS in that particular year. This certificate is provided by the TDS deductor normally after the completion of the financial year and it needs to be deposited in the Income Tax Department before 31st of July.

The amount receivable or payable from or to the Income Tax Department is dependent on the negative or positive figures as confirmed by this consolidated statement. If the net tax liability comes as negative it means that the assesse is supposed to receive the return amount from the Income Tax Department in lieu of excess tax deduction and if the amount arrives as positive then the result is completely opposite.

Following are the specified rules which need to be maintained while preparing the TDS certificate:-

a) Information about the total tax deposited in the Income Tax Department by the tax deductor is needed to be furnished.
b) BSR code of the branch from where the money has been deposited should be highlighted.
c) Dates need to be mentioned in the certificate when these payments have been made to the Central Government.
d) Indication of the Voucher number for these payments made must be written.