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

Author :
Reported On :
Sector :
IE, the business magazine from south was launched in 1968 and pioneered business journalism in south. Through the 45 years IE has been focusing on well-presented and well-researched articles. When giants in the industry stumbled to keep pace with the digital revolution, IE stayed affixed embracing technology.
Read more
Economist Communications Ltd is committed to ensuring that your privacy is protected.
Read more
You agree that your use of this Website and the purchase of the magazine will be governed by these terms and conditions.
Read more
S-15, Industrial Estate,
Chennai - 600 032.
PHONE: +91 44 22501236