Online Correction to Allocate Interest and Late Fee in TRACES Portal

ExpressTDS || Online Correction to Allocate Interest and Late Fee in TRACES Portal


This feature enables the deductor to add a challan to an already filed statement. The Add and Allocate Interest and Late Fee functionality is only available through online correction. Note that if the statement has not been processed by TRACES, this feature cannot be used.
Follow the steps below to perform online correction:

Step 1: Log in to the TRACES Portal
  1. Access the ExpressTDS portal using your username and password.
  2. On the Deductor Master page, you’ll see a list of all deductors.
  3. Select the desired deductor to access their details page and review the relevant information.
  4. Locate and click on the TRACES icon in the deductor’s page. This will redirect you to the TRACES portal login page.
      

Step 2: Navigate to Request for Correction
  1. Once logged in to TRACES, go to the Defaults menu and select Request for Correction.
  2. Use the provided link for further assistance: Online Correction - Add Challan to Statement
Step 3: Choose the Type of Correction
  1. After completing the validation process, select the correction category from the dropdown menu as: Pay 220, LP, LD, Interest, Late Filing.
      

Step 4: Display of Challans
  1. A list of available challans will appear.
      

Step 5: Select and Edit the Challan
  1. Choose the desired challan from the list.
  2. Click on the Edit Challan button.
      

Step 6: Save the Edited Challan
  1. Make the necessary corrections to the challan.
  2. Click on the Save button to store the changes.
      

Step 7: Proceed to Interest Allocation
  1. Click on the Proceed to Interest option to allocate interest and late fee details.
      

Step 8: Submit and File the Correction Statement
  1. After completing all corrections, click on Submit & File Correction Statement to finalize the process.
      

Key Notes:
  1. Ensure that all corrections are accurate before submitting the statement.
  2. Only statements processed by TRACES are eligible for this online correction feature.

By following this structured process, you can efficiently allocate interest and late fees within the TRACES portal.

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