NE BUSINESS BUREAU
CHENNAI, FEB 17
The Income Tax Department in collaboration with Shreyas Management Consulting Services organized ‘TDS Awareness Programme’ for income tax deductors of various business sectors here on Thursday.
It was organised by the Additional Commissionerate of Income Tax, TDS Range-3, Chennai under the guidance of M Arjun Manic, Additional Commissioner of Income Tax.
- Income Tax deductors were requested to adhere to the various Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) provisions of the Income Tax Act, 1961 in their business transactions without any aberration
Income Tax deductors were requested to adhere to the various Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) provisions of the Income Tax Act, 1961 in their business transactions without any aberration.
R Rajamanohar, Deputy Commissioner of Income Tax, TDS Circle 3 (1), Chennai, delivering the keynote address, stressed the need for deduction of tax at a higher rate, wherever it is warranted. Further, he highlighted the absolute requirement of payment of TDS/TCS dues into the Central Government Account in time, filing of error-free quarterly statements and issuance of certificates in a time-bound manner.
CA J Srinivasan delivered the welcome address while Advocate N V Balaji delivered the special address.
Income Tax Officers L Rajaraman, K Sendhil Kumar, & T V Sridhar, delivered their address under the topics, Specific view on TDS & TCS under the Income Tax Act,1961, Duties and Responsibilities of Income-tax deductors, TDS non-compliance and its consequences in a lucid manner with Power Point Presentation. During their address, special focus was made on insisting the tax deductors to deduct at higher rates of deduction of tax u/s 206AA / 206CC (non-furnishing of PAN, invalid PAN, or inoperative PAN of deductees) & u/s 206AB / 206CCA (non-furnishing of return of income by the deductees).
J Janaki Karthigueyan, TDS consultant addressed the participants under topic Income-tax TRACES portal and explained in detail how the income tax deductors shall carry out their duties in the TRACES portal, like, filing of quarterly statements without any mistakes, reduction of infructuous demands raised, finiding out the specified persons for higher rates of deduction of tax.
In this TDS Awareness programme, more than 120 deductors from various business sectors participated and benefitted.
CA T R Srinivasan delivered vote of thanks.
