/ Foreign Exchange Management Act

TDS & TCS AMENDMENTS (NINE) SHALL BE EFFECTIVE FROM 1 JUNE 2015

TDS & TCS AMENDMENTS (NINE) SHALL BE EFFECTIVE FROM 1 JUNE 2015:-

  • Requirement for obtaining evidence/ particulars by employer for TDS–Section 192-Prescribed form from employee to be obtained for his claims.
  • TDS from premature withdrawal from Employees’ Provident Fund Scheme (EPFS)–Sections 192A and 197A – Trustees of RPFs shall, at the time of payment of the accumulated balance due to the employee, deduct tax at source at the rate of 10%, where the aggregate withdrawal is Rs.30,000/- or more. Form No. 15G/15H available for non deduction. No PAN- Marginal Rate.
  • TDS from interest (other than interest on securities)–Section 194 N – TDS from Recurring deposit-TDS from deposit in cooperative Banks- Interest from all branches of a Bank is to be considered to check cut off amount of Rs.10,000/-
  • TDS from payments to transporters–Section 194C- Exemption will be available only to those transporters who own ten or less goods carriages at any time during the previous year.
  • Obtaining/quoting tax deduction and collection account number (TAN) relaxed for certain notified persons–Section 203A- proposed to amend Section 203A to the effect that the requirement of obtaining and quoting of TAN shall not apply.
  • Processing of TCS returns–Section 206CB- Processing of TCS (tax collected at source) statements on the same lines as TDS statements.
  • Self-declaration for non-deduction of tax from life insurance payments– Sections 194DA and 197A- Self-declaration in the prescribed Form No. 15G/15H made applicable.
  • Interest on certain bonds and Government securities earned by FIIs–Section 194LD-Concessional rate of tax is proposed to be extended up to30th June 2017.
  • Furnishing of information made more stringent and penalty introduced – Sections 195 and 271-I-The obligation to furnishv Form 15CA (and also Form 15CB) will have to be complied with. Section 271-I to levy a penalty of Rs.1,00,000/- if the person required to furnish information under Section 195 fails to furnish such information or furnishes inaccurate information.

Committee on Direct Taxes Matters Headed by Justice A.P. Shah Invites Suggestions and:-

Representations on the Matter Relating to Minimum Alternate Tax (Mat) on FIIS From All Stakeholders, Including Industry Associations by 22nd June, 2015; if Required, Committee May Call Representatives for Interaction Between 29th June, 2015 and 06th July, 2015.

The Committee on Direct Taxes matters headed by Justice A.P. Shah which was constituted on 20.05.2015, held its first meeting on 25.05.2015. In accordance with the terms of reference, the Committee has decided to examine the matter relating to MAT on FIIs for the period prior to 01.04.2015.

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