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