9 Amendments relating to TDS and TCS proposed in Budget 2015-16: Effective from June 01, 2015

Given below are the list of changes applicable from 1st June, 2015 for TDS and TCS amendments: 1. Requirement for obtaining evidence/ particulars by employer for TDS-Section 192 2. TDS from premature withdrawal from Employees Provident Fund Scheme (EPFS)-Sections 192A and 197A 3. TDS from interest (other than interest on securities)-Section 194A 4. TDS from…

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Important Information for Deductors regarding TDS Certificates

Below are the important information regarding TDS Certificates which deductors should take care of: Deductors who have deducted TDS and have not deposited the same by the due date, must do so immediately. All deductors must register themselves at https://www.tdscpc.gov.in (TRACES Portal) TDS certificate in Form 16A and part A of Form 16, containing 7…

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Obtaining / quoting tax deduction and collection account number (TAN) relaxed for certain notified persons – “Section 203A”

At present, any person who is required to deduct tax at source (other than under Section 194IA) is expected to obtain a TAN and quote that TAN in the challan and the TDS statement that he is supposed to file. This is a cumbersome requirement-particularly to the individuals who acquire an immovable property from non-residents….

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Furnishing of information made more stringent and penalty introduced -Sections 195 and 271-I

Presently, when any person responsible for making a payment to a non-resident of any interest or other sum chargeable under the provisions of this Act, such person is required to deduct tax from such payment under Section 195(1). Further, sub-Section (6) of Section 195 requires such person to furnish the information relating to payment of…

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Amendment relating to processing of TCS returns -Section 206CB w.e.f. June 01, 2015

A new Section 206CB is proposed to be introduced to facilitate the processing of TCS (tax collected at source) statements on the same lines as TDS statements. Section 206CB(1) permits adjustments to the sums collectible to take care of arithmetical errors or incorrect claims apparent from any information in the TCS statement filed. Interest if…

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CBDT issues Circular for Early & Satisfactory Resolution of Taxpayers’ Grievances

CBDT has issued a circular for early & satisfactory resolution of taxpayers’ grievances relating to verification & correction of tax demand outstanding against them. The Income Tax Department has taken note of grievances of taxpayers arising on account of outstanding tax demand which may be inaccurate due to non-reporting or delayed reporting of TDS by…

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