Wednesday, April 19, 2017

tds changes in finance act 2017

FINANCE Act, 2017 – TDS/TCS    CHANGES
  • Non Tax Audit individuals / HUF Assesses paying rent exceeding Rs 50,000/- to deduct TDS @ 5% once in a year through Challan cum return statement, without procuring TAN.
  • Any person paying consideration (other than in kind) under Joint Development Agreement shall deduct tax @ 10 %.
  • In case of TCS:
  1. Person paying – [Payer], to give PAN Number to person responsible for collecting TCS [Collector], failing which tax shall be collected @ twice the rate or at 5% Which ever Is High.
  2. Declaration filed U/s.206C(1A) [TCS not to be made for specified goods – If it is not for trading purposes] is invalid unless payer furnishes his PAN
  3. Mandatory quoting of PAN by both collector and payer in all correspondence, bills and vouchers
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