It is recommended that every deductor maintain the register of TDS with several reports for every quarter or a year.
Types of registers:
Following are the different kinds of registers that can be maintained by a deductor:
- Interest Calculation:
This will help the deductor to calculate and check the interest for several paid and unpaid deductions.
- Paid Deductions: In this case, the interest will be calculated with referring the dates of TDS made and Challan paid. Paid means that the Deduction has been linked to a Challan entry,
- Un paid deductions: These are the deductions, which are not yet linked [or challan has not yet been generated for the deduction]. So deductor should give a date, as on which the Interest should be calculated. Interest will be calculated with TDS made date and the “As of date” provided.
- Deduction Register
This contains the list of deductions made for particular period. Deductor can verify each deduction made for the specific period along with the amounts, the TDS rates, etc
- Challan Register
This contains the list of challans paid for particular period. Deductor can verify each challan paid for the specific period along with the amounts, CIN details, Cheque details, etc
- Short/Excess deduction register
This register gives deductor and clear picture on deductions where it has been made either Short or In Excess, compared to actual rates of TDS.
Note that, the master TDS rates should be defined and assigned for each deductee to avail this report.
- Deduction to payment Register:
This is the major report, which gives deductor, the information on deductions made and remitted to the Bank. This will be helpful to cross-verify TDS certificate or the details while verifying the regular return.
- Variance Register
This is a kind of report, useful majorly for large organizations operating in multiple branches [Eg: Banks]. The Variance Report will report the section wise deduction amounts and delay [in number of days] in remitting it to the bank.