Merchants’ Chamber of Commerce & Industry organised MCCI Knowledge Series on TDS/ TCS : Important Issues of Compliance with Shri Deba Kumar Sonowal IRS, Commissioner of Income Tax, TDS, Kolkata, Ministry of Finance, Govt. of India on March 8, 2022 at 4 p.m. at MCCI Conference Hall.
While Welcoming the Guests, Shri Arvind Agrawal, Chairman, Council on Direct Taxes, MCCI referred that the Income Tax Department has a clear focus on its goals to be able to continually review its policies, operating approaches and procedures for being responsive and adaptive to the changing business and legislative environment.
Shri Agarwal also mentioned that the Department is poised to seize the opportunities and meet the challenges to realise its Vision through progressive tax policies, efficient & effective administration and improved voluntary compliance.
Shri Deba Kumar Sonowal IRS, Commissioner of Income Tax, TDS, Kolkata, Ministry of Finance, Govt. of India in his address informed the house that 36 new provisions have been introduced in TDS and TCS.
While speaking on the Section 15CA and 15CB, Shri Sonowal mentioned that every person liable for making a payment to non-residents shall deduct TDS from the payments made to non-residents.
Shri Sonowal mentioned that the department has emphasized on the grievances of deductees regarding TDS compliances. While speaking on mismatch in TDS, Commissioner pointed three possible reasons, these are
- non deduction
- non deposits
- other errors
While speaking on section 206C, CA S S Gupta, Member, Council on Direct Taxes, MCCI mentioned in his address if seller receives an amount exceeding INR 50 Lakhs from a buyer against sale of goods made, then seller shall be liable to collect TCS on an amount exceeding INR 50 Lakhs at the rate of 0.1% of the amount received.
While speaking on section 195, CA Sanjay Bhattacharya, Co–Chairman, Council on Direct Taxes, MCCI said that if interest is payable by the Government or a public sector bank or a public financial institution, then tax deduction shall be made only at the time of payment thereof in cash or by cheque or draft or any other mode.