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INDIA keeps its date with destiny TN - so much to offer... Outward ho Babes In the wood-RBI North block has little clue to curb inflation PC please be our Santa Babes In the wood-RBI North block has little clue to curb inflation Wanted: decentralised financial system Tryst with GST BJP can now hasten its thrust for reforms Research for survival... A gratifying record A Fine division of responsibilities No groundnuts in groundnut oil! Ganesh’s mantras An eventful week with VVIPs of Delhi Rail-road Rajaraman Kudos to GIM organisers... Sustainably developing manufacturing sector… CSR, tech revolution and bank crisis Need for radical RBI reform A blueprint for the future Focus on southern TN... Breaking news or breaking credibility? Much ado about nothing Sowing seeds of hope Focus on agriculture and human resources Indian GST – Between extremes… What the big B should offer? In the horns of a dilemma Little surplus after salaries, subsidies and debt servicing When the examiner cheated... Much can be done by us Truce at Kasturi Buildings If not Tamil Nadu, where else? A dual GST that will protect prosperous states Two welcome measures from the chief minister... Welcome Measures. Work for 10X Change Tax evaders’ get out of Jail-Free Card You too T M Krishna? 1800 parties registered with EC – Less than 60 contest elections Deming awardees galore! Welcome rains for damaged roads... They add lustre to Padma Awards Trail-blazing Tamil Nadu Sardar Sarovar – the seventy year itch Make way for Make in India... How will it PAN OUT South India’s 100 most valuable companies Need plan over the long term planning Jobs - Lost, Changed or Gained After all, customer is the king An eco-friendly commute in Mysuru Why throw baby with bath water? Why (not) abolish? Miles to go... Skewed Economic Zones? Welcome move to widen the tax net… Land, land everywhere, but... Industry can’t get it from Mars, yet Better relations with UK... Cleansing Indian retail Weaving wealth of western Tamil Nadu Economy through the month It’s raining funds for states. Really? CAD and the emergency thereof A historic indirect tax reform Public investments and welfare will surge Policy Makers The deluge and the several kindly souls Pool energy prices Technology and economic development should be linked Low profile moves Healthy finances of the Chennai Corporation Chennai Airport-Ready for a rapid take off... Strategic planning the missing link A tale of two Bihar babus Star of the South Reform this licence to…kill The Great Fall Oh my GOLD Well-administered State MS Installed
 
PC please be our Santa
This is that time of the year when we present wish lists to the FM. Here’s our focusing primarily on the tendentious Tax Deducted at Source (TDS) provisions to make it less tedious and a few requests on bumping up monetary limits.
Cost of compliance is high for small assesses. For starters, TDS return filing should be half yearly instead of quarterly.

In line with the relief given to banks for accruals made on account of interest accrued but not due, similar relief should be given to other payments that are accrued but are not due to the payee

TDS certificates issued by the deductors, and furnished by the deductees in the tax assessment, should be recognized and refund claims based on such TDS certificates should be processed.

E-TDS software be amended so that when the TDS returns are processed to generate the TDS certificates, the address should first be automatically picked from the TAN database.

A self-reliant audit provision may be appended to provide for an all-embracing audit of all the TDS returns filed with the Department.

The credit for TDS should be allowed in the assessment year immediately following the financial year in which the tax has been deducted at source. TDS amounts should be allowed to be adjusted in any of the Assessment Years up to 3 years following the year of deduction.

A scheme similar to Personal Ledger Account (PLA) in excise law should be introduced so that the deductor can deposit a lumpsum amount to the credit of assessee’s account.

Augment the threshold limit for deduction

Limit for the aggregate amount of interest credited or paid during a financial year should be increased to Rs.30,000 for deduction of tax.(Section 194A).

Limit for the aggregate amount credited or paid to the account of a payee by way of fees for professional services, or fees for technical services or royalty during a financial year be increased to Rs.60,000 for the deduction of tax.(Section 194J)

The surcharge and cess on corporate tax may be abolished.

Rationalize ensuing Provisions

Extend the due date from September 30 to October 15 of the assessment year for getting the books audited and submission of audit report. September 30 being the day for half yearly closing of accounts for banks generate dilemma as far as the payment of tax is concerned. [Section 44AB]

Allow STT as deduction by including it in the cost of acquisition and selling expenses under the Capital Gains.
The interest rate payable by the Government and the Assessee should be uniform (Section 234B)

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