CBDT has through a notification, made changes to Rules relating to payment of TDS/TCS and filing of TDS/TCS Returns. The major changes made are:
1. TDS/TCS will now have to be deposited on new Form No.17. The details of deductee will also be required to be given in the new challan form. The payment will have to be made electronically for all cases.
2. A new form, TDS Compliance Statement (Form No.24C) has been introduced. It will be filed alongwith quarterly TDS/TCS Returns. Filing of Returns has been made compulsory for persons who have been allotted TAN, even if no TDS/TCS has been deducted/collected during the quarter.
3. Form 16, 16A & 27D have also been amended.
4. Form 16/16A have to be issued by the deductor
(i) within one week of payment of tax to Credit of Govt., if amount credited on 31st March
(ii) within one month of the end of financial year in case of Salary or if the deductee requests for a consolidated certificate in place of more than one certificate.
(iii) in other cases, within one month of the end of the month in which deduction is made.
These changes will be applicable on TDS/TCS deducted/collected on or after 1st April 2009. On TDS/TCS deducted/collected on or before 31st March, 2009, the existing provisions will apply.
No comments:
Post a Comment