1 Vinod K Mehta & Co. Presented by CA DIVYESH V. MEHTA CA DIVYESH V. MEHTA.

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Presentation transcript:

1 Vinod K Mehta & Co. Presented by CA DIVYESH V. MEHTA CA DIVYESH V. MEHTA

Revise the existing threshold. Rates of deduction of tax have also been reduced. Revision will provide relief to small taxpayers. Vinod K Mehta & Co. 2 TDS Provision :-

SectionNature of paymentExisting Threshold Limit (Rs.) Proposed Threshold Limit (Rs.) Existing Rate of TDS Proposed Rate of TDS 192A Payment of accumulated balance due to an employee 30,00050,000 10%No Change 194BB Winnings from Horse Races 5,00010,000 30% No Change 194 CPayments to contractorAggregate annual limit of 75,000 Aggregate annual limit of 1,00,000 1% to Individual & HUF 2% to any other person No Change Revision of threshold limits & TDS rates: 3 Vinod K Mehta & Co.

SectionNature of paymentExisting Threshold Limit (Rs.) Proposed Threshold Limit (Rs.) Existing Rate of TDS Proposed Rate of TDS 194LA Payment of Compensation on acquisition of certain immovable property 2,00,0002,50,000 10%No Change 194D Insurance Commission 20,00015,00010%5% 194G Commission on sale of lottery tickets 1,00015,00010%5% 194H Commission or brokerage 5,00015,00010%5% 4 Vinod K Mehta & Co.

SectionNature of paymentExisting Threshold Limit (Rs.) Proposed Threshold Limit (Rs.) Existing Rate of TDS Proposed Rate of TDS 194DA Payment in respect of life Insurance policy 1,00,000No Change 2%1% 194EE Payment in respect of NSS Deposit 2,500No Change20%10% 194K & 194L Income in respect of units & Payment of compensation on acquisition of capital Asset Proposed to be omitted 5 Vinod K Mehta & Co.

SectionNature of paymentProposed Threshold Limit (Rs.) 194LBC Investment in a Securitization trust 25 % if the payee is an individual or a Hindu undivided family 30 % if the payee is any other person. 194LBB Units of Investment Fund(a)at the rate of 10 % where the payee is a resident. (b)at the rates in force, where the payee is a non-resident (not being a company) or a foreign company. New Provisions 6 Vinod K Mehta & Co.

QuarterDue date of Payment Due dates for filing TDS return April to June 7 th July 31 th July July to September 7 th October 31 th October October to December 7 th January 31 th January January to March 7 th May 31 th May TDS Return CBDT has vide notification no. 30/2016 dated has revised the due date for filing TDS returns for Government and Non-Government Deductors w.e.f 1st June, Vinod K Mehta & Co.

New TCS Provision (Sec 206C (1D) & (1F):- SectionNature of paymentExisting Threshold Limit (Rs.) Proposed Threshold Limit (Rs.) 206C(1F) Sale of motor vehicle > Rs. 10 Lakh (Applicable whether Cash or Cheque) -- 1% 206C(1D) Sale in goods/services in Cash > 2 Lakh (Applicable only if in Cash or partly in Cash) (other than bullion and jewellery ) (other than payments on which TDS is made) -- 1% 206C(1D) Sale of Bullion > 2 Lakh (Applicable only if in Cash or partly in Cash) -- 1% 206C(1D) Sale of Jewellery > 5 Lakh (Applicable only if in Cash or partly in Cash) -- 1% 8 Vinod K Mehta & Co.

On motor vehicles above Rs. 10 lakhs: Mandatorily provide his PAN from 1 st January 2016 on sale or purchase of any motor vehicle without any limit which requires registration (other than two- wheeled vehicles). NEW CAR DEALER Bill Amount 12,00,000 1 % 12,000 Total Amount 12,12,000 9 Vinod K Mehta & Co.

On all cash transactions above Rs. 2 lakhs: The present provisions cover cash transactions for sale of bullion and jewellery. To discourage cash transactions, it is proposed to also cover sale, exceeding Rs. 2 lakhs, in cash, of any goods or services (other than bullion or jewellery which are separately covered). Tax is not required to be collected at source from amounts on which tax is deducted at source by the payer under Chapter XVII-B. ParticularsBill No. 1 Bill No. 2 Bill No. 3 Sale Value 8,00,0005,00,0001,90,000 Cheque 7,90,0005,00,0001,80,000 Cash 10,000- TCS 8,000Nil Limit of Rs. 2,00,000 is per transaction & not cumulative Whether buyer is a dealer in goods or purchases for his uses for his personal consumption 10 Vinod K Mehta & Co.

Bullion Bill Amount = 3,00,000 1 % Jewellery Bill Amount = 6,00,000 1 % Bill Amount = 1,90,000 TCS - N.A Bill Amount = 4,50,000 TCS – N.A 11 Vinod K Mehta & Co.

Technical Consultant Bill raised ParticularBill No. 1 Bill No. 2 Fees Cheque Cash TDS NIL (Due to Certificate from A.O) TCSN.A 1 % (As TDS not deducted) 12 Vinod K Mehta & Co.

TCS Return The seller\ contractor i e. Deductor has to file a quarterly return in form 27 EQ and in Form 27 A and has to issue the TCS certificate to Deductee in Form 27 D on or before following Due Date QuarterDue date of Payment Due dates for filing TCS return Due dates for issuing TCS certificate April to June 7 th July 15 th July 30 th July July to September 7 th October 15 th October 30 th October October to December 7 th January 15 th January 30 th January January to March 7 th May 15 th May 30 th May Section 206C ( 7 ) prescribe Interest at the rate of 1 % per month or part thereof for late collection and/or late deposit of TCS with Government. 13 Vinod K Mehta & Co.

14 CA Divyesh V Mehta Partner Vinod K Mehta & Co., (Chartered Accountants) # B-5, Satyam Shopping Centre, 2nd Floor,M.G. Road, Ghatkopar (East), Mumbai id: Contact Nos: :