The Additional Commissionerate of Income Tax, TDS Range-3, Chennai under the able guidance of Shri M Karthikeyan, IRS, Additional Commissioner of Income Tax, TDS Ragnge-3, Chennai in association with     Puducherry Branch of SIRC of ICAI conducted Income-tax  TDS  Awareness  Webinar,  wherein,  more  than  75

Income tax deductors of various business sectors participated and benefitted.

CA K Ranjith Kumar, Chairman , Puducherry Branch of SIRC of

ICAI delivered Welcome Address.

Importance  of  proper  compliance  to  the  TDS  /  TCS  provisions under the Income Tax Act,1961

Shri    K    Senguttuvan,    Income    Tax    Officer,    TDS    Ward

Puducherry    addressed    the    participants    and    explained    the importance of proper compliance to the TDS / TCS provisions of the Income Tax Act,1961. In his address, he has requested the Income Tax Deductors / Collectors to carry out their National Duty of deduction and collection of Income Tax on all appropriate financial transaction in an effective manner.  Further, he has requested the Income Tax Dedutors / Collectors to deposit their TDS / TCS dues into the Central Government Account in time. Also, he has insisted the   absolute   requirement   of   filing   of   quarterly   TDS   /   TCS statements in TRACES  portal without any mistakes and issue of certificates to the collectees / deductees.

Effective implementation of TDS / TCS provisions of the Income Tax Act, 1961 Shri L Rajaraman, Income Tax Officer addressed on effective implementation of TDS / TCS provisions on all the expenses / receipts which are mandate under the Income Tax Act,1961, like, Salary, Contract, Commission / Brokerage, Interest, Professional Charges, Purchases and receipts like, scrap sale, motor car sale and Sale of goods.  He also requested to participants to deduct / collect on more percentage u/s 206AA / 206CC & 206AB / 206CCA on specified situation.   He has given information to the participants  that mechanism in identifying the specified deductees / collectees is available in Reporting Portal of Income Tax Department.

Duties and Responsibilities of Income Tax Deductors / Collectors under the Income Tax Act, 1961 Shri  V  Deepan  Kumar,  Income  Tax  Officer  explained  the duties and responsibilities of the Income Tax Deductors / Collectors under the Income Tax Act,1961.   He has explained the details in lucid manner and conveyed the participants on 5 Major Duties as below:-

• Obtain TAN and verify the PANs of the Deductees / Collectees

 

• Proper Deduction / Collection of Income Tax

 

• Remittance of TDS / TCS dues into the Central Government Account in time

 

• Filing  of  quarterly  TDS  /  TCS  statements  in  TRACES  portal within the stipulated time
• Issue of Certificates to the Deductees / Collectees

 

Non-compliance  of  TDS  /  TCS  provisions  and  its  consequences under the Income Tax Act,1961 Shri  K  Sendhil  Kumar,  Income  Tax  Officer  explained  the consequences  on  non-compliance  to  the  TDS  /  TCS  provisions under the Income Tax Act,1961.    He has explained the consequences as below:-

• If TDS / TCS is not made which is mandate, then such entities shall be treated as assessee in default u/s 201(1)
• If  the TDS  /  TCS  is  note  made,    dues  are  not  paid  /  paid belatedly , then, such entities shall be liable for Interest u/s 201(1(1A)
• If the quarterly TDS / TCS statements are not filed, then, such entities are liable for penalty u/s 271H
• If any delay in filing TDS / TCS statements, then, such entities are liable for Late Filing Fees (Rs.200 per day) u/s 234E
• If TDS / TCS dues are paid belatedly, then such entities are liable for prosecution u/s 276B / 276BB Income Tax – TRACES portal Smt Janaki Karthikeyan, TDS consultant explained the various activities  to  be  carried  out  by  the  Income  Tax  Deductors  / Collectors in TRACES portal in an effective manner.
• Initiatives taken by the Chief Commissionerate of Income Tax, TDS Charge, Chennai to assist the Income Tax Deductors / Collectors The participants were informed on the initiatives taken by the Chief Commissionerate of Income Tax, TDS Charge Chennai on the following grounds.

• Pamphlets  issued  on  TDS  /  TCS  provisions  on  English  and
• Tamil
• Manuals issued on TDS / TCS provisions on English and Tamil
• TRACES  videos  IN  TAMIL  under  16  topics  available  in  the official You Tube Channel of the Income Tax Department , Chennai
• TDS Chatbot by Name – TDS NANBAN , which is available in play stores for both the version android and iOS CA P Mohanraj, Secretary, Puducherry branch of SIRC of ICAI delivered vote of thanks.

   

 

 

   

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