TRACES means TDS Reconciliation Analysis and Correction Enabling System. It is the online portal for administration and implementation of TDS (Tax Deducted at Source) and TCS (Tax Collected at Source). A Deductor can track the status of TDS or TCS Challan online on TRACES. To make correction of Unclaimed Challan and Matched Challan, the Deductor can use service of OLTAS Challan Correction on TRACES.
The approval of Assessing Officer is not required if OLTAS Challan Correction is made in the following fields:
- Financial Year – You can correct up to the Financial Year relating to Date of Deposit of Challan. E.g. if challan is of F.Y. 2008-09 and Date of Deposit is 20-06-2016, F.Y. cannot be greater than 2016-17
- Minor Head Code (200 and 400) – You can correct Minor Head 200 for TDS/TCS payable by the taxpayer and Minor Head 400 for TDS/TCS payable under regular assessment
- Major Head Code (0020 and 0021) – You can correct Major Head 0020 if the Deductee is a Company and Major Head 0021 if the Deductee is an entity other than Company
- Section Code – You can correct any Section Code 94C, 94D, 94H, 94I, 94J except Section Code 195
Note: For correction or changes in Section Code 195, the Deductor should contact Jurisdictional Assessing Officer
Steps for OLTAS Challan Correction on TRACES
- Log in to TRACES
Log in to TRACES – Enter User Id, Password, TAN or PAN and captcha
- Navigate to the request for OLTAS correction
Go to Statements / Payments > Request for OLTAS Correction
- Review the checklist
Review the checklist and click on ‘Proceed’
- Proceed to the CIN details
You can only correct Financial Year, Minor Head Code (200 and 400), Major Head Code (20/21) and Section Code. Click on ‘Proceed’
- Enter the CIN details
Enter the Challan (CIN) Details – BSR Code, Date of Deposit, Challan Serial Number and Challan Amount. Click on ‘Go’
- Proceed to edit the challan details
If the details of the challan are valid, the user can proceed to edit the challan details. Select the new values of Financial Year, Major Code, Minor Code and Section Code. Click on ‘Submit’
- Verify the details
The updated values will appear in the summary table. Verify the details and click on ‘Confirm’
- Authorised person
Details of the Authorised Person will appear on the screen. Verify the details and click on ‘Submit’
- Success message
A success message will appear on the screen with a unique Request Number. You will receive an email on submission of the OLTAS Challan Correction.
Steps to Track OLTAS Challan Correction Request on TRACES
Step 1: Log in to TRACES – Enter User Id, Password, TAN or PAN and captcha
Step 2: Go to Statements / Payments > Track OLTAS Challan Correction Request
Step 3: Search the request using Request Number, Date or View All
Step 4: The status of the correction request will appear on the screen. Click on ‘View New Values‘ to view the updated values. The new values will appear on the screen
FAQs
1. Submitted to ITD – The correction request has been submitted to Income Tax Department for processing
2. Processed – The correction request has been approved by the Income Tax Department
3. Rejected – The correction request has been rejected by the Income Tax Department. The reason for rejection is mentioned in the Remarks column under Track Correction Request
4. Failed – The correction request cannot be made available due to some technical issues in data loading. The Deductor can submit a new request for correction
When the challan details as per TDS Statement do not match with the challan details as per OLTAS, the challan is considered as Unmatched / Mismatch Challan. The mismatch may be because of:
1. Mismatch in CIN (Challan Identification Number) Details
2. Mismatch in Challan Amount
OLTAS (Online Tax Account System) is a system for collection, accounting and reporting of the receipts and payments of Direct Taxes from all kinds of taxpayers, online through a network of bank branches.
Hey @HarishMehta
Taxpayers or deductee cannot directly download form 16/form16A, the option to download Form 16/ 16A has been given to the Deductor. So, if you need Form 16 / 16A for TDS deducted by your current or previous employer or deductor you will have to contact them for the same. There is no option available on TRACES whereby you can download it yourself.
Hope this helps!
Hey @Dia_malhotra
Yes, individuals can still register as a taxpayer on TRACES even if they do not have TAN of the deductor by providing:
• Assessment Year
• Challan Serial Number and
• Amount of tax you have paid
Hope this helps!
In my Justification Report it shows an interest payable error whereas I’ve already paid the interest for that particular month According to the regulations what could be the reason for this?
Hi @saad,
According to regulations, interest payment default/errors may arise due to error in challan details , short deduction, short payment, late deposit of TDS amount. Here, you can file correction statement and revise the return.
Hope this helps!
@AkashJhaveri @Saad_C @Kaushal_Soni @Divya_Singhvi @Laxmi_Navlani can you help with this?
Hey @raopreetham, the first thing I would recommend you to do is to run the Emsigner as an administrator. Also, if it still does not seem to work, install the below mentioned JAVA fixer software and run it as an administrator and hopefully this would resolve your issue.
https://johann.loefflmann.net/downloads/jarfix.exe
The USB e-pass 2003 token device is particular type of a DSC.
hello, i want to cancel the TDS on sale of property (26QB) which i created in hurry. i have made login and tried the TRACES refund option. But the total amount of TDS is “Consumed” and Max refund amount is zero.
What is my option now? TDS was paid on 16th Oct ( 6 days back). Hoping for a solution on this.
Hi @nisshant
26QB is the challan cum return statement. As soon as you file the form, TDS amount paid by you gets utilized. There are few corrections that are allowed in form 26QB. You can refer to the article below. You cannot get the refund of the taxes paid through an online method. You can contact concerned Assessing Officer (AO) of the Income Tax Department (ITD).
You can also contact Aaykar Sampark Kendra (ASK) on Toll Free No. 1800-180-1961 to ask for help.
Hope this helps!
Hi @Jatin_Sahu
Yes, you can file 26QB correct request with registering a DSC and file te new request.
Here’s a read for your reference on TRACES: Form 26QB Correction DSC/ AO Approval - Learn by Quicko