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