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:
- 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.
- 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
- Mandatory quoting of PAN by both collector and payer in all correspondence, bills and vouchers