Effective from 1st October 2024, issue of certificates under Section 197 (lower deduction / collection) has been extended to include Sections 194Q and 206C. This change is a landmark as it provides relief to businesses involved in the purchase of goods. What is the Change? Previously, certificates under Section 197 for lower TDS/TCS were not…
In Budget 2016, FM announced an overhaul of Indias tax deducted at sources (TDS) system. Government hasreduced the rates of Tax Deducted at Source (TDS) on several deductions with a view to improve cash flow, especially of small tax payer. Under the scheme of deduction of tax at source as provided in the Act, every person…
CPC (TDS) has observed that some deductors have not filed TDS Statements for FY 2013-14, despite collecting lower deduction 197 Certificates from their deductees. The CPC (TDS) has issued a communication in this regard and has suggested deductors to file TDS Statements and take appropriate action for reporting deduction of tax against certificate 197 while filing. The…
CPC (TDS) has issued a letter to all deductors with information regarding the release of new feature Aggregated TDS Compliance at Organizations PAN level. The letter produced is here as under: Date of communication: 03/05/2014 Dear Deductor, In our endeavor to facilitate improved TDS administration, CPC (TDS) feels glad to provide you with the feature of…
CPC(TDS) has issued a letter to all deductors regarding clarification of Lower Deduction/No deduction u/s 197 or 197A The letter produced is here as under: Date of communication: 04/02/2014 Dear Deductor, Greetings from CPC(TDS) team! CPC(TDS) team feels glad to constantly update our stakeholders with relevant advisory communications from time to time. This communication…
GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF DIRECT TAXES NEW DELHI INSTRUCTION NO 1/2014, Dated: January 15, 2014 Certificate of Lower deduction or non-deduction of tax at source under section 197 of the Income-tax Act, 1961-matter regarding. As per the Citizens Charter the time line prescribed for a decision on…