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Online not in line with brick and mortar businesses Truce at Kasturi Buildings Policy Makers Deming awardees galore! A gratifying record Make way for Make in India... A dual GST that will protect prosperous states MS Installed Skewed Economic Zones? Outward ho Jobs - Lost, Changed or Gained Healthy finances of the Chennai Corporation Wanted: decentralised financial system Babes In the wood-RBI North block has little clue to curb inflation Kudos to GIM organisers... Welcome Measures. Work for 10X Change Welcome rains for damaged roads... What the big B should offer? Better relations with UK... Land, land everywhere, but... Industry can’t get it from Mars, yet Two welcome measures from the chief minister... Why throw baby with bath water? Breaking news or breaking credibility? Miles to go... Corruption institutionalised; technique perfected An eventful week with VVIPs of Delhi BEPS gains traction The deluge and the several kindly souls BJP can now hasten its thrust for reforms Technology and economic development should be linked Weaving wealth of western Tamil Nadu A Fine division of responsibilities Welcome effort to restore discipline... Reform this licence to…kill Ganesh’s mantras Trail-blazing Tamil Nadu Indian GST – Between extremes… Research for survival... 1800 parties registered with EC – Less than 60 contest elections If not Tamil Nadu, where else? Sardar Sarovar – the seventy year itch An eco-friendly commute in Mysuru Sowing seeds of hope The Great Fall CSR, tech revolution and bank crisis Need for radical RBI reform Cleansing Indian retail Jeeto drives M&M forward in LCV market PC please be our Santa Tryst with GST Star of the South Why (not) abolish? Public investments and welfare will surge Focus on southern TN... TN - so much to offer... South India’s 100 most valuable companies Strategic planning the missing link Low profile moves A tale of two Bihar babus INDIA keeps its date with destiny Much can be done by us Tax evaders’ get out of Jail-Free Card A blueprint for the future In the horns of a dilemma They add lustre to Padma Awards How will it PAN OUT After all, customer is the king No groundnuts in groundnut oil! Chennai Airport-Ready for a rapid take off... Much ado about nothing Little surplus after salaries, subsidies and debt servicing When the examiner cheated... Focus on agriculture and human resources Pool energy prices Well-administered State Babes In the wood-RBI North block has little clue to curb inflation Oh my GOLD Economy through the month ‘Cycle’ rides into the sunset Rail-road Rajaraman Need plan over the long term planning Sustainably developing manufacturing sector… You too T M Krishna? CAD and the emergency thereof A historic indirect tax reform Welcome move to widen the tax net… It’s raining funds for states. Really?
 
PC please be our Santa
This is that time of the year when we present wish lists to the FM. Here’s our focusing primarily on the tendentious Tax Deducted at Source (TDS) provisions to make it less tedious and a few requests on bumping up monetary limits.
Cost of compliance is high for small assesses. For starters, TDS return filing should be half yearly instead of quarterly.

In line with the relief given to banks for accruals made on account of interest accrued but not due, similar relief should be given to other payments that are accrued but are not due to the payee

TDS certificates issued by the deductors, and furnished by the deductees in the tax assessment, should be recognized and refund claims based on such TDS certificates should be processed.

E-TDS software be amended so that when the TDS returns are processed to generate the TDS certificates, the address should first be automatically picked from the TAN database.

A self-reliant audit provision may be appended to provide for an all-embracing audit of all the TDS returns filed with the Department.

The credit for TDS should be allowed in the assessment year immediately following the financial year in which the tax has been deducted at source. TDS amounts should be allowed to be adjusted in any of the Assessment Years up to 3 years following the year of deduction.

A scheme similar to Personal Ledger Account (PLA) in excise law should be introduced so that the deductor can deposit a lumpsum amount to the credit of assessee’s account.

Augment the threshold limit for deduction

Limit for the aggregate amount of interest credited or paid during a financial year should be increased to Rs.30,000 for deduction of tax.(Section 194A).

Limit for the aggregate amount credited or paid to the account of a payee by way of fees for professional services, or fees for technical services or royalty during a financial year be increased to Rs.60,000 for the deduction of tax.(Section 194J)

The surcharge and cess on corporate tax may be abolished.

Rationalize ensuing Provisions

Extend the due date from September 30 to October 15 of the assessment year for getting the books audited and submission of audit report. September 30 being the day for half yearly closing of accounts for banks generate dilemma as far as the payment of tax is concerned. [Section 44AB]

Allow STT as deduction by including it in the cost of acquisition and selling expenses under the Capital Gains.
The interest rate payable by the Government and the Assessee should be uniform (Section 234B)

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