Major amendments in TDS/TCS Compliances

TDS 1577 views 4 replies

Milan Somani

1456 Points Posted on 31 March 2009

Dear Friends

This is to inform that major amendments have been made in the system of payment, deposit, filing and issuing TDS/TCS certificates w.e.f. 1^st April 2009. These include:

· TDS/TCS shall be deposited mandatorily by electronic mode only.

· Quarterly deposit of TDS is allowed in few cases with prior approval of Jt. Commissioner.

· Form 16 and 16A amended. Form 16AA abolished.

· New TDS/TCS challan – Form No. 17

· Duplicate issuance of TDS/TCS certificate allowed on request of the deductee. A.O. to give credit on duplicate certificate on filing of affidavit and confirmation by concerned A.O.

· Form 24C – TDS Compliance Statement introduced. To be filed by all assesses who have been allotted TAN. It is to be filed quarterly even if no tax is deducted.

· TDS/TCS quarterly statement to be filed even if no tax deducted. Now even nil return is to be filed.

Replies (4)

Milan Somani

1456 Points Posted on 31 March 2009

The related notification is attached herewith.

deepak K Gujrati

CA-practice

1077 Points Posted on 01 April 2009

Is there any provision for surrendering TAN.

Milan Somani

1456 Points Posted on 01 April 2009

Originally posted by :deepak K Gujrati
"	Is there any provision for surrendering TAN.	"

if there is no longest future business transaction in the terms of TDS applicability then you can surrender TAN number.

In case duplicate TAN has been allotted, an application may be made for cancellation of the TAN which has not been used in the ‘Form for Changes or Correction in TAN’ which can be downloaded from NSDL-TIN website or may be procured from TIN-FCs or other vendors.