CA SUDHIR HALAKHANDI (PRACTICING CHARTERED ACCOUNTANT) (13196 Points)
07 May 2009THE LAWMAKERS INTRODUCED FORM NO. 17 FOR TDS ONLINE DEPOSIT AND DECLARED THAT THE TDS AFTER 1ST. APRIL 2009 WILL BE DEPOSITED THROUGH FORM NO.17.
THE FORM 17 IS NOW PLANNED TO BE DEFERRED TILL 1ST. JULY 2009.
THE REASON - THE INFRASTRUCTURE WAS NOT READY!!!!!
WHEN INFRASTRUCTURE IS NOT READY THEN WHY THIS FORM WAS INTRODUCED???
IS THIS NOT HARRASEMENT OF HONEST TAXPAYER COMMUNITY???
PLEASE POST YOUR OPINION HERE !!!!!!
CMA KNVV Sri Vidya - Sri Kanth
(C.A.Final (New) ICWAI FINAL (New))
(11269 Points)
Replied 07 May 2009
Clarification regarding new Form No.17 - (06-05-2009)
5th May, 2009
Mr. S.S.N. Moorthy,
Chairman
Central Board of Direct Taxes
Department of Revenue
Ministry of Finance
Government of India
North Block
New Delhi – 110 001
Respected Sir,
Sub: Clarification regarding new Form No.17
The Income-tax Rules relating to time and mode of payment to Government account of -
(1) tax deducted at source; or
(2) tax paid under Chapter XVII-B; or
(3) tax collected at source under Chapter XVII-BB
have been amended vide the Income-tax (8th Amendment) Rules 2009 with effect from 1st April, 2009.
The two significant requirements arising as a consequence of such amendments are as follows –
(1) The new Rules [namely, Rule 30(4) and Rule 37CA(2)], inter-alia, mandatorily require the person responsible for making deduction, or payment of tax, under Chapter XVII-B, and the person responsible for making collection under Chapter XVII-BB, to electronically furnish an income-tax challan in new Form No.17 within the specified time.
(2) Further, new Rules 30(1)(b) and 37CA(1) provide that all sums deducted in accordance with the provisions of Chapter XVII-B and all sums collected in accordance with the provisions of Chapter XVII-BB should be paid to the credit of the Central Government within one week from the end of the month in which the deduction or collection is made.
From a combined reading of both the requirements [i.e. (1) and (2)] above, it is clear that remittances have to be made by the 7th of the succeeding month in new Form No.17. Therefore, the tax deducted and collected during the month of April, 2009 have to be remitted latest by 7th May, 2009 in new Form No.17.
However, the new Form No.17 has not yet been uploaded in the payment gateway on the sitewww.incometaxindia.gov.in. Only the old challan 281 is available on the website.
Therefore, we request you to clarify whether remittances can be made using the old challan 281. This clarification is required on an urgent basis since the new rules make it mandatory to furnish income-tax challan in new Form No.17 and only two more days are available to comply with this requirement.
Warm regards,
Yours sincerely,
Sd/-
CA. Uttam Prakash Agarwal
shailesh agarwal
(professional accountant)
(7642 Points)
Replied 07 May 2009
yeh you are right halkandi sir but who cares they are makers and we are only followers-----------------------------------------------?--------------------------------
Shyam Lal Naik
(Service)
(6156 Points)
Replied 08 May 2009
There is a old saying "King can do no wrong".
One can never expect justice from the taxman in India.
The retrospective amendment to bring Service tax on Rent looms large.
Who can forget the ordinance to nulify the apex court's judgement in the ITC's excise case.
How do any body rationalise the income tax on expendirures in the name of FBT. I fail to understand, how local conveyance is an income?
How can any body justify Government's action when the Bangalore Bench of CESTST has ruled against the department's appeal in 98% cases.
Vivek Handa
(Lawyer)
(65 Points)
Replied 08 May 2009
Nothing new, it always seems to happen in India that schemes are formulated and implemented first and only after that that a thought is given to developing a suitable infrastructure
CA.Tarun Maheshwari
(CA, DISA)
(7150 Points)
Replied 08 May 2009
I think whenever a change is brought out in the system, that to at such a big level, there are always possibilities of some weaknesses, but ultimately these systemsare benfitting us. I agree that there are lot of examples of problems as given by Mr. Shaym Lal sir, but I think, nobody would deny that online filings of ROC documents has changed the ways of working of ROC related works. Same with e-tds returns as existing upto 31st March 2009. Everybody is happy by filing income tax returns online today. There are problems but department is also trying to overcome those problems. They also had little options in this politics based country, but even then there steps must be appreciated.
shailesh agarwal
(professional accountant)
(7642 Points)
Replied 08 May 2009
ya u are right mr.tarun i appreciate your feeling towards changing steps taken by govt
CA SUDHIR HALAKHANDI
(PRACTICING CHARTERED ACCOUNTANT)
(13196 Points)
Replied 09 May 2009
One more point should be noted here - Is this not the fact that our Law makers have the habit of working on Trial and Error method. My point is that when they (with so much resources at their disposal) want to introduce something than why they don't make some experiments in real like labs before introducing the changes instead of thier old practice first introduce "then experiment". Why this is happened when Government is involved and why this is not happened when private enterprenure is involved while introducing changes . The reasons are very simple :- 1. They want to show that they are very fast (which they are not.), 2. They want to show that they are technically fully updated (Unfortunately here also they are not) 3. The money involved in the efforts is public money 4. The wastese of time is of public (Because the makers have fix working hours) 4. who cares attitude!!!
"Why The Lawmakers should NOT be answerable to public for thier failures"
WHY ?????
Ca. Kirti Kumar Acharya
(Self Employed (CA))
(80 Points)
Replied 09 May 2009
I think it cannot be kept in harrasment category, there are a lot more examples of harrasment in our daily professional life.
Actually, the Govt. is not clear about the situation. Still there is confusion as to whether Form 17 is payment challan or information of challan. One of our friend in this forum has rightly pointed out that Form 17 may not be for transfer of money. After paying from challan no 281, Form 17 need to be filled. Now its date has been extended. So challan 281 will be there and now it will be complemented by Form 17.
The Govt. is not correct in clarifying the point, if my above opinion is ok. Because it is highly not practical and also illogical that Form 17 can be used for money transfer where there is 1000 deductees. So first payment by challan 281 then details vide Form 17.
Any suggestion or correction shall be gladly accepted.
V.SHIVASHANKAR
(Chartered Accountant)
(168 Points)
Replied 09 May 2009
Dear All,
We must keep in mind onething. We are growing in all the length and breath. And there is almost $70billion in black money abroad. All this happen because of weak compliance monitoring mechanism. That need to be tightened and now the government is taking positive steps towards that. In this time gap there is some problems which can be sorted out in due course.
But we the charterd accounts are collectively resposible for the huge $70billion black money. In this juction we have to take slef pledge that we will follow all the rules and regulation imposed by the government in the national interest. This TDS compliance have to be viewed in that sense.
Shivashankar.V, B.com, MFM(Finance), CA Inter
shailesh agarwal
(professional accountant)
(7642 Points)
Replied 10 May 2009
nice comment by ca kirti kumar and v shivshankar----please carry on
atulkumaragrawal
(chartered accountant)
(22 Points)
Replied 11 May 2009
100% right.if there is no infrastructure why they publish they are only confusing tax payers on timely payment of tax.
| Originally posted by :CA SUDHIR HALAKHANDI | ||
| " | THE LAWMAKERS INTRODUCED FORM NO. 17 FOR TDS ONLINE DEPOSIT AND DECLARED THAT THE TDS AFTER 1ST. APRIL 2009 WILL BE DEPOSITED THROUGH FORM NO.17. THE FORM 17 IS NOW PLANNED TO BE DEFERRED TILL 1ST. JULY 2009. THE REASON - THE INFRASTRUCTURE WAS NOT READY!!!!! WHEN INFRASTRUCTURE IS NOT READY THEN WHY THIS FORM WAS INTRODUCED??? IS THIS NOT HARRASEMENT OF HONEST TAXPAYER COMMUNITY??? PLEASE POST YOUR OPINION HERE !!!!!! |
" |
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