TIN –FC

logo RAMS also is a franchise TIN-FC (Tax information network facilitation center) of Alankit Assignments Pvt. Ltd. National Securities Depository Limited on behalf of Income Tax Department of India (ITD) has established Tax Information Network (TIN), a repository of nationwide Tax related information. TIN is an initiative by ITD for the modernization of the current system for collection, processing, monitoring and accounting of direct taxes using information technology.

 
 

  • Acceptance of electronic and physical TDS/TCS Returns every quarter.

As a part of automation of collection, compilation and processing of TDS returns ITD has notified an "Electronic Filing of Returns of Tax Deducted at Source Scheme, 2003". It is applicable to all deductor furnishing their TDS return in electronic form. As per this scheme:

  • It is mandatory (w.e.f. June 1, 2003) for corporate deductor to furnish their TDS returns in electronic form (e-TDS return).
  • From F.Y. 2004-2005 onwards furnishing TDS returns in electronic form is also mandatory for government deductor in addition to corporate deductor.
  • Deductor (other than government and corporate) may file TDS return in electronic or physical form.
  • National Securities Depository Ltd. (NSDL) as the e- TDS Intermediary (appointed by ITD) receives, on behalf of ITD, the e-TDS returns from the deductor.

Deductor can submit e-TDS returns through TIN-Facilitation Centers (TIN-FC) established by NSDL or directly upload through NSDL web-site.

    • Acceptance of correction statement.
    • In case of deficiencies in the accepted regular TDS/TCS statement such as incorrect challan details or PAN not provided or provided incorrectly, the tax credit will not reflect in the Form 26AS of the deductees in your statement. To facilitate correct credit in Form 26AS of the deductees you are required to remove deficiencies, if any, in the accepted regular TDS/TCS statement by filing a correction statement.
    • Processing of new PAN (Permanent Account Number) and PAN change request applications.
    • Processing of new TAN (Tax Account Number) and TAN change request applications.
    • Acceptance of Annual Information returns(AIR) from fliers and uploading in TIN central system – Annual Information Return (AIR) of 'high value financial transactions' is required to be furnished by certain entities like banks, mutual fund organization, companies issuing bonds etc under section 285BA of the Income-tax Act.
    • Registration by a PAN holder for viewing its Annual Tax Statement (Form 26AS).

Form 26AS contains

    • Details of tax deducted on behalf of the taxpayer by deductors
    • Details of tax collected on behalf of the taxpayer by collectors
    • Advance tax/self assessment tax/regular assessment tax, etc. deposited by the taxpayers (PAN holders)
    • Paid refund received during the financial year.
    • Details of transaction of Mutual Fund, Shares and Bonds (as reported by AIR filer).
  • Submission of Form 24G. In case of an office of the Government, where tax has been paid to the credit of Central Government without the production of a challan associated with deposit of the tax in a bank, the PAO / CDDO / DTO or an equivalent office government is required to file Form 24G.
  • Quarterly Statement Status - Deductor can access details of their statements including financial details through the TIN-FC who has uploaded their statements. Acceptance of e-TBAF