TDS Amendment

Following are the changes:

- Acc. to Notification No. 31 of 2009, all persons required to deduct tax at source (TDS) or collect tax at source (TCS) will now be re­quired to enter details of TDS/TCS of all deductees with their names, PAN and amounts. In simple words, details which were submitted in Form 24Q & 26Q will now be submitted in monthly challan.

- 'TDS Compliance Statement' in the new Form 24C has to be filed for each quarter, by 15th July, 15th October and 15th January in respect of the first three quarters and 15th June, following the last quarter of the fi­nancial year. In other words, new 24C in place of quarterly returns in form 24Q & 26Q.

- TDS return in the old Forms 24Q and 26Q are now required to be filed ANNUALLY by 15th June, following the financial year.

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