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