TDS Provisions - Summary of all the Recent Amednments to TDS Provisions

Similar documents
MICRO GROUP EMPLOYER DOCUMENTATION REQUIREMENTS

PREPARING TO TERMINATE DROP

WV INCOME MAINTENANCE MANUAL. Specific Medicaid Requirements

Guide to Reporting Income Changes Online

CAREVEST MORTGAGE INVESTMENT CORPORATION Directions for Completing Retraction Requests

Hawaii Division of Financial Institutions 2019 Renewal Checklist

TaxAid. Your Personal Tax Account Filing Your Tax Return

Verification Worksheet- V1 DIRECTIONS 2016 INCOME TAX FILER DIRECTIONS:

Hawaii Division of Financial Institutions 2018 Renewal Checklist

Disclosures in the financial statements-seminar of WIRC on & May, By Jayesh Gandhi

Frequently Asked Questions for Blue Shield Producers Guarantee Issue for Children Under Age 19 Updated June 7, 2011

HESPERIA COMMUNITY LIBRARY WRITTEN PUBLIC SUMMARY OF FOIA PROCEDURES & GUIDELINES Effective July 1, 2015

IRS 2016 FEDERAL TAX TRANSCRIPT INFORMATION

IRS Draft Form W-9 Request for Taxpayer Identification Number and Certification

ADANI POWER LIMITED RELATED PARTY TRANSACTION POLICY. Page 1 of 10

Client Advisory. New Rules for Ontario Pension Plan Asset Transfers Take Effect on January 1, Background

ARIZONA FIRE DISTRICT ASSOCIATION FINANCIAL PROCEDURES POLICY

Superannuation contributions tax ruling Tax deductibility of superannuation contributions

Independent Director and Audit Committee

AAFMAA CAP FAQs. General Questions:

Employee Hardship Assistance Policy

How to Become a Delaware Public Benefit Corporation

AAFMAA CAP FAQs. Q: What are the requirements for a CAP loan? A: The following items are required to receive a CAP Loan: Eligible military status: o

A company is liable to UK corporation tax on all its profits and chargeable gains, whether made in the UK or elsewhere.

Settlement agreements (Formerly compromise agreements)

address: Driver license number: Date of birth: Occupation:

STUDENT EMPLOYMENT FORMS PACKET

Setting up the Creative Pension Trust - Moneysoft User Guide

1. REIMBURSEMENTS FOR EXPENSES: 2. REQUESTING CHECKS:

Un-resolved Issues of the Exporters in GST Regime

PROCESS FOR NATIONAL CAPITOL AREA GARDEN DISTRICTS, CLUBS AND COUNCILS CHOOSING TO FILE FOR 501(C)3 GROUP EXEMPTION

Tax Forms and Publications Recommendations July 11, 2012

The Company is a public company incorporated in Bermuda and its securities are listed on AIM.

Checking and Savings Account Application

Town of Palm Beach Retirement System. Deferred Retirement Option Plan (DROP) Policies and Information for Participants

FOR PLAN ADMINISTRATORS

AUSTRALIAN CAPITAL TERRITORY (ACT) REGIONAL CERTIFYING BODY (RCB)

SRP Business Solutions: Electric Technology Rebates Forklift Rebate Application (Customer)

EOFY tax strategies for small businesses

HASSRA Finance Bulletin Issue 2 October Key messages

Insulet Corp. Securities Litigation

Customer due diligence guide for clients

Steps toward Retirement

LSI Securities Litigation

ILLINOIS INSTITUTE OF TECHNOLOGY J-1 SCHOLAR REQUEST FORM (TO BE COMPLETED BY THE SCHOLAR)

OFFICE OF THE PRESIDENT HUMAN RESOURCES POLICY MANUAL SECTION 11 JULY 28, 2006 REDUCTION IN FORCE GUIDELINES

The UK Register of Trusts 23 October 2017

Quality Assurance Program Independent Student Verification Worksheet

REPRESENTATIVE PAYEE PROGRAM T. O. D., Inc.

CITY OF EAST LANSING WRITTEN PUBLIC SUMMARY OF FOIA PROCEDURES AND GUIDELINES

What employers need to know about The Patient Protection and Affordable Care Act (PPACA)

Agency Reorganization Process

PROOF OF CLAIM AND RELEASE

Automotive Diversification Programme Round 3

Institute For Orthopaedic Surgery (IOS) Subject: Billing and Payments: General Guidelines

TAX CREDIT TO SUPPORT DIGITAL TRANSFORMATION IN PRINT MEDIA COMPANIES INVESTISSEMENT QUÉBEC

HERANBA INDUSTRIES LIMITED POLICY ON MATERIALITY OF RELATED PARTY TRANSACTIONS AND DEALING WITH RELATED PARTY TRANSACTIONS

How to Count Employees Determining Group Size Under the Medicare Secondary Payer Regulations

Terms and Conditions 19 December 2018

Instruction Page. Verification of 2014 Income Information for Individuals with Unusual Circumstances

Explanation of a U.S. Address and/or U.S. Phone Number (S3)

Galahad 20/06/2017. The inpatriates tax regime after the 2017 Finance Bill: an increasingly attractive mechanism

Lifestream Guaranteed Income via Colonial First State FirstChoice Instruction sheet

Changes to the Sterilization Consent Form and Instructions, Approval Process, and Denial Letter

IRDA Update: Draft Guidelines on Web Aggregators

FINANCIAL SERVICES GUIDE

MAKING TAX DIGITAL SET UP GUIDE

De minimis aid declaration

PROOF OF CLAIM AND RELEASE

The Safety Net Foundation

Information Package CAFETERIA 125 PLANS

AMENDMENTS TO NASDAQ RULES ON COMPENSATION COMMITTEES

International Standard on Auditing (Ireland) 265. Communicating Deficiencies in Internal Control to Those Charged with Governance and Management

Billing Program Billing Information for Agents

University of Pittsburgh Office of the Controller General Accounting

APPLICATION FOR RESIDENTIAL TENANCY

Any line marked with a # sign is for Official Use Only 1

IRIS Bureau Payroll. Guide to Workplace Pension Reform

ILLINOIS INSTITUTE OF TECHNOLOGY J-1 SCHOLAR REQUEST FORM (TO BE COMPLETED BY THE DEPARTMENT)

SPECIAL CIRCUMSTANCES REPAYMENT / REMISSION / RE-CREDIT APPLICATION

Training Manual of E-Billing

PROOF OF CLAIM AND RELEASE

DEPARTMENTAL STAFF: LEAVE GUIDELINES

The UK Register of Trusts 21 December 2017

Application Instructions Effective February 8, 2013

Tourism Development Fund ( TDF ) Guidelines for Grant Applicants

ELECTRONIC FILING INSTRUCTIONS LOGITECH FAIR FUND

Standard INT Evaluation of Interchange Transactions

Disciplinary Policy. WHO is this policy for?

Ramsey Million Partnership

Body Corporate and Community Management and Other Legislation Amendment Bill April 2011

Electronic Services Agreement (INDIVIDUAL)

EXXONMOBIL SAVINGS PLAN Hardship Withdrawal Form

U.S. SEC ADOPTS FINAL RULES ON PROXY ACCESS

ELECTRONIC FILING INSTRUCTIONS

Resolving Frequently Asked Questions

Appeal Process Overview

Charter Township of Oakland 4393 Collins Road, Rochester, MI Public Summary of FOIA Procedures and Guidelines

A. Accept only those clients whose identity is established by conducting due diligence appropriate to the risk profile of the client.

PASSPORT INFORMATION:

Transcription:

TDS Prvisins - Summary f all the Recent Amednments t TDS Prvisins We have presented belw the summary f all the ntificatin. Instructin, circulars, budget amendments etc issued by gvernment which have an effect n TDS Prvisins fr the financial year 2010-11 and as well as n financial year 2011-12. Instructin n sectin 200 Instructin regarding parameters fr prcessing e-tds returns [F.N. 275/73/2009-IT(B)] dated 8-12-2010 In the present system f prcessing e-tds returns, the returns are prcessed nline and mismatch reprt shwing defaults is generated. Based n these reprts, theao issues shw cause ntices t the deductrs Substantial returns are pending where deducteewise default due t shrt deductin is less than Rs.10/- It has been decided that where the default n accunt f shrt deductin is less than Rs.100/- fr each deductrthe demand is runded ff t zer; and After cnsidering the abve if the deductrwise demand/default f Rs.100/- r less will be ignred fr further actin Hwever, the fficers have been instructed t ensure that the shrt deductin shuld nt becme habitual Instructin N.6/2010 issued by CBDT n 9 August 2010 issued t curb the indiscriminate issuance f 197 certificates Instructin N.8/2006 dated 13-10-2006 laid dwn that certificate f lwer/nil deductin u/s1 97 are nt t be issued indiscriminately and prir administrative apprval f the cncerned Range head shall be btained befre issue f each certificate Instructin 7/2009 read with F.N.275/23/2007-IT(B) laid dwn mnetary limits fr prir adminitrative apprval f the CIT-TDS r DIT- Internatinal Taxatin. Such certificates are issued manually It is nw instructed that certificates u/s 197 shall be generated and issued by the AO mandatrily thrugh the ITD system nly. In case the certificate cannt be generated n the date f issue, the AO shall uplad the data n the system within 7 days f manual issue The manual system f issuing certificates had the fllwing issues: - N check as t whether such certificate has been issued by the authrized/cmpetent AO having jurisdictin - N infrmatin available as regards number f certificates issued r the quantum f revenue invlved.

- N systematic reference number which culd be amenable t verificatin. It is nt pssible t ascertain the veracity f claim, f the deductr abut n/lw deductin having been made n the strength f a 197 certificate actually issued by the department Issue f certificates u/s 197 vide the ITD system shall have the fllwing benefits: - - Cmplete infrmatin f he deductr and deductee will be available with the department - This infrmatin will be useful in prcessing e-tds returns - The nn-deductin defaults detected by the system when prcessing the TDS returns wuld reduce substantially - There will be a cntrl n the number f certificates issued Amendment under Finance Act, 2011 (insertin f sectin 194LB) w.e.f. 1 st June 2011, ntified infrastructure debt fund will deduct tax at surce at the rate f 5% (plus applicable surcharge & cess) n interest payable t a nn-resident at the time f credit r payment, whichever is earlier. Amendment t Rule 28AA (Certificate fr deductin at lwer rates r n deductin f tax frmincme ther than dividends) Nw in rder t btain a lwer/nil deductin certificate, is it necessary fr the AO t be satisfied that theexisting and estimated tax liability f the applicant justifies the deductin f tax at lwer rate r n deductin f tax. The mechanism f arriving at the rate f tax deductin has been eliminated. The AO shall determine the rate f tax deductin after cnsidering the fllwing: 1. Tax payable n estimated incme f the previus year relevant t the AY; 2. Tax payable n the assessed r returned incme f the last three previus years; 3. Existing liability under the ITA and Wealth-tax Act, 1957; 4. Advance tax payment fr the AY relevant t the previus year till the date f making applicatin. 5. Tax deducted at surce fr the AY relevant t the previus year till the date f making applicatin under sub-rule (1) f rule 28; and 6. Tax cllected at surce fr the AY relevant t the previus year till the date f making applicatin under sub-rule (1) f rule 28. The certificate shall be issued direct t the persn respnsible fr deducting the tax under advice t the persn wh made an applicatin fr issue f such certificate

Amendment t Rule 31A (Quarterly statement f deductin f tax under sub-sectin (3) f sectin200) The deductr at the time f preparing statements f tax deducted will be required t furnish the fllwing additinal particulars besides his PAN, TAN, PAN f deductees, particulars f taxes paid t the Central Gvernment: 1. amunt paid/credited n which tax was nt deducted in view f the issue f certificate f n deductin f tax under sectin 197 by the AO f the payee; 2. amunt paid r credited n which tax was nt deducted n payments made t transprters wh have prvided their PAN. Ntificatin 41/2010 dated 31 May 2010 w.e.f April 1, 2010 1. Due dates fr payment f TDS Amunt paid / credited Old Prvisins On 31 March 31 May New Prvisins On any ther day In the mnth f March In ther mnths Due date f depsit f TDS 7th f the next mnth 30 April 7th f the next mnth 2. In the case f a cmpany r a persn (ther than a cmpany) t whm the prvisins f tax audit are applicable, TDS must be remitted electrnically (by way f internet banking facility r debit card) t the RBI r SBI r any authrized bank accmpanied by an electrnic incme-tax challan 3. Quarterly filed f TDS returns a. Statement f deductin f tax under sectin 192 Frm n. 24Q b. Statement f deductin f tax under ther sectins

In case f the deductee being a nn-resident r a freign cmpany r resident but nt rdinarily resident Frm n. 27Q In case f all ther deductees Frm n. 26Q 4. If the number f deductee s / cllectee s recrds in a statement fr any quarter are twenty r mre, the statements are required t be furnished electrnically Quarter ended Due date Requirements f the frms 30 June 15 July TAN f deductr PAN f deductr PAN f all deductees 30 September 15 Particulars f the tax paid t the Octber Central Gvernment, including Challan identificatin 31 December 15 number January 31 March 15 May 4. Timelines fr issue f TDS certificates Deductin u/s Frm N. Requirements f frm 192 16 Valid PAN f the deductee Valid TAN f the deductr Time fr furnishing the frm Peridicity Annual Due date By 31 May

Any ther prvisin Challan identificatin number in case f payment thrugh bank Receipt number f the relevant quarterly TDS statement(s) 1 6A Same as abve Peridicity Quarterly Due date Within 15 days frm the due date fr furnishing the quarterly TDS statements 6. The deductr may use digital signatures t authenticate Frm 16 Once digitally signed, the cntents f the certificate are nt amenable t change The certificates must have a cntrl number and a lg f such certificates must be maintained by the deductr 7. Frm 16 nw has tw parts: Part A dealing with basic infrmatin regarding the deductr and emplyee and the summary f tax deducted f surce; If an assessee is emplyed by mre than ne emplyer during the year, each f the emplyers are required t issue Part A f the certificate; Part B dealing with details f salary and tax deducted / paid. Part B may be issued by each f the emplyers r the last emplyer at the ptin f the assessee 8. The prvisin fr issue f Frm 1 6AA in cases f salaries nt exceeding Rs. 150,000 is nt cntained in the amended rules

New sub-sectins have been added t Sectin 201 w.e.f 01.04.2010 201(3) N rder shall be made under sub-sectin (1) deeming a persn t be an assessee in default fr failure t deduct the whle r any part f the tax frm a persn resident in India, at any time after the expiry f: 2 years frm the end f the financial year in which the statement is filed in a case where the statement referred t in sectin 200 4 years frm the end f the financial year in which payment is made r credit is given, in any ther case Prvided that such rder fr a financial year cmmencing n r befre 1 April 2000 may be passed at any time n r befre the 31st day f March, 2011 201(4) The prvisins f sub-clause (ii) f sub-sectin (3) f sectin.153 and f Explanatin t Sec153 shall, s far as may, apply t the time limit prescribed in sub-sectin(3) Finance Act 2010 has increased the interest u/s 201(1A) rate w.e.f. 1 July 2010 Interest n late deductin/depsit f tax Interest frm the date when tax deductible t actually deducted Interest frm the date when tax actually deducted t actually paid Existing New 1 % 1 % 1 % 1.5%