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