Income Tax - TDS Rules again amended
MAYBE electronics have again failed. The TDS rules are amended once again.
++ TDS is to be credited to the Government before 30th April where the income or amount is credited or paid in the month of March and before the 7th of the next month in other cases.
++ AO can permit quarterly payment of TDS.
++ Form 16 and 16A to specify:
a) valid permanent account number (PAN) of the deductee;
b) valid tax deduction and collection account number (TAN) of the deductor;
c) (1) book identification number or numbers where deposit of tax deducted is without production of challan in case of an office of the Government;
(2) challan identification number or numbers in case of payment through bank
d) (1). receipt number of the relevant quarterly statement of tax deducted at source which is furnished in accordance with the provisions of rule 31A;
(2). receipt numbers of all the relevant quarterly statements in case the statement referred to in clause (i) is for tax deducted at source from income chargeable under the head “Salaries”.
++ Form 16 has to be given to the employee by 31st May and 16A to the deductee within fifteen days from the due date for furnishing the statement.
++ The changes are applicable for TDS deducted on or after 1.4.2010.
Similar Rules are made for TCS also.
CBDT Notification No . 41/2010, Dated: May 31, 2010