Andhra Pradesh Tax Bar Association – Emerging trends & issues in TDS

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Andhra Pradesh Tax Bar Association – Emerging trends & issues in TDS

  1. 1. THE ANDHRA PRADESH TAX BAR ASSOCIATION Tax Deduced at Source [TDS] EMERGING TRENDS & ISSUES. PRESENTATION BY PARESH P. SHAH CHARTERED ACCOUNTANT
  2. 2. OVERVIEW : INTRODUCTION : Applicability / Thresold Payment / Nature of . Payment /Exempt Income. ASSESSMENT YEAR FOR CLAIM OF TDS : Section 198 and 199 of Income Tax Act’ 1961. TDS CERTIFICATE : Validity, Issues & Recent Amendment . Certificate for lower or Nil deduction. Assessee in Default. Consequences.
  3. 3. INTRODUCTION : TDS – A Mode of Recovery. Assessee & Assessee in Default. Nature of Payments & Relation toIncome. Nature of Payments – Payer and Payee. Applicability– Exemptions and Lower . Deduction. Payer – New System of E-Filing.
  4. 4. TDS & INCOME YEAR : TDS – An Income. TDS Claim & Year of Income. Date of TDS Certificate & Its . Payments. New System of TDS & Its Claims.
  5. 5. LOWER DEDUCTION OF TDS : Application for Lower Deduction Rules & Forms Declaration by Assessee in Certain Cases Lower Deduction & Declaration by Specified Persons Refund of Excess TDS
  6. 6. FAILURE TO DEDUCT OR DEPOSIT: CONSEQUENCES : Assessee in Default Interest Penalties Prosecution ………………………… CONTINUE
  7. 7. CONSEQUENCES ………………………… CONTINUE Disallowance Payments Outside India & to Non Residents Payments to Residents
  8. 8. ISSUES : Claim of TDS & TDS Certificate Payment of TDS without Deduction Capital Expenditure Short Deduction
  9. 9. ISSUES:……………………………Continue Payment & C.A. Certificate Delay in Filling Declaration Report in Form 3CD of Tax Audit Report Taxation Laws (Amendment) Bill, 2005 Need of the Time
  10. 10. Thank You………

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