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Treatise on Tax Deduction/Collection at Source (Including Advance Tax & Refunds) (As amended by the Finance Act, 2017 & the Amendment Rules)

Treatise on Tax Deduction/Collection at Source (Including Advance Tax & Refunds) (As amended by the Finance Act, 2017 & the Amendment Rules)

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Description
On the subject of this book i.e. 'Tax Deduction and Collection at Source', there are already few publications. Hence, the authors of the book owe an explanation for adding one more book on this subject. The scheme for tax deduction at source (TDS) which started with a modest beginning under the Income Tax Act, 1922 has spread its wings substantially year-after-year so much so that a book of this size has to be written to cover the present magnitude of TDS provisions and its extended coverage under a new nomenclature of 'Collection at Source' (TCS), whose applicability has considerably been expanded by the Finance Act, 2016.
The Government's enthusiasm for extension of the coverage of the provisions relating to TDS & TCS could be well understood as these measures conveniently pass on the Government's responsibility for collection of tax to the taxpayers without incurring any expenditure, which the taxpayers have to undertake on Government's behalf on pain of paying interest, penalty and even prosecution, if there is any default on their part in the discharge of the responsibilities, imposed on them for non-compliance of the provisions of TDS & TCS. Besides, the taxpayers have to file quite a few statements concerning discharge of such responsibilities, spending considerable time and money and on failure to do so, within the time prescribed, make them liable for various sanctions provided under the Income Tax Act.
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Contents
Chapter 1    Introduction
Chapter 2    Deduction at Source and Advance Payment [Section 190]
Chapter 3    Direct Payment [Section 191]
Chapter 4    Deduction of Tax at Source from the Income Chargeable under the head
                     "Salaries" [Section 192]
Chapter 5    Payment of Accumulated Balance due to an Employee [Section 192A]
Chapter 6    Deduction of Tax at Source from Income by way of Interest on
                     Securities [Section 193]
Chapter 7    Deduction of Tax at Source from Dividend Income [Section 194]
Chapter 8    Deduction of Tax at Source from Interest other than "Interest on
                     Securities" [Section 194A]
Chapter 9    Deduction of Tax from Winnings from lottery or crossword puzzle [Section 194B]
Chapter 10    Deduction of Tax at Source from Winnings from horse race [Section 194BB]
Chapter 11    Deduction of Tax at Source from Payments to Contractors [Section 194C]
Chapter 12    Deduction of Tax at Source from Insurance Commission [Section 194D]
Chapter 13    Deduction of Tax at Source from Payment  in 'respect of Life Insurance
                       Policy [Section 194DA]
Chapter 14    Deduction of Tax at Source from Payments to Non¬resident Sportsmen or
                       Sports Associations [Section 194E]
Chapter 15    Deduction at Source from Payments in respect of Deposits under National
                       Savings Scheme, etc. [Section 194EE]
Chapter 16    Deduction of Tax at Source from Payments on Account of Repurchase of
                       Units by Mutual Fund or Unit Trust of India [Section 194F]
Chapter 17    Deduction of Tax at Source from Commission, etc., on the Sale of
                       Lottery Tickets [Section 194G]
Chapter 18    Deduction of Tax at Source from Commission or Brokerage [Section 194H]
Chapter 19    Deduction of Tax at Source from Rent [Section 194-1]
Chapter 20    Deduction of Tax at Source from Payment on transfer of certain immovable
                       property other than agricultural land [Section 194-IA]
Chapter 21    Deduction of Tax at Source from Payment of rent by certain individuals or
                       Hindu undivided family [Section 194-IB]
Chapter 22    Deduction of Tax at Source from Payment under specified agreement
                       [Section 194-IC]
Chapter 23    Deduction of Tax at Source from Fees for professional or technical
                       services [Section 194J]
Chapter 24    Deduction of Tax at Source from Payment of compensation on
                       acquisition of certain immovable property [Section 194LA]
Chapter 25    Deduction of Tax at Source from Income by way of interest from
                       infrastructure debt fund  [Section 194LB]
Chapter 26    Deduction of Tax at Source from Certain income from units of a business trust [Section 194LB A]
Chapter 27    Deduction of Tax at Source from Income in respect of units of investment
                       fund [Section 194LBB]
Chapter 28    Deduction of Tax at Source from Income in respect of investment in
                       securitization trust  [Section 194LBC]
Chapter 29    Deduction of Tax at Source from Income by way of interest from
                       Indian company [Section 194LC]
Chapter 30    Deduction of Tax at Source from Income by way of interest on certain
                       bonds and Government securities [Section 194LD]
Chapter 31    Deduction of Tax at Source on Other Sums [Section 195]
Chapter 32    Income payable "net of tax" [Section 195 A]
Chapter 33    Deduction of Tax at Source from Interest or dividend or other sums
                       payable to Government, Reserve Bank or certain corporations [Section 196]
Chapter 34    Deduction of Tax at Source from Income in respect of units of
                       non-residents [Section 196 A]
Chapter 35    Deduction of Tax at Source from Income from units [Section 196B]
Chapter 36    Deduction of Tax at Source from Income from foreign currency bonds
                       or shares of Indian company [Section 196C]
Chapter 37    Deduction of Tax at Source from Income of Foreign Institutional Investors
                       from securities [Section 196D]
Chapter 38    Certificate for deduction at lower rate [Section 197]
Chapter 39    No deduction to be made in certain cases [Section 197 A]
Chapter 40    Tax deducted is income received [Section 198]
Chapter 41    Credit for tax deducted [Section 199]
Chapter 42    Duty of person deducting tax [Section 200]
Chapter 43    Processing of statements of tax deducted at source [Section 200A]
Chapter 44    Consequences of failure to deduct or pay [Section 201]
Chapter 45    Deduction only one mode of recovery [Section 202]
Chapter 46    Certificate for tax deducted [Section 203]
Chapter 47    Tax deduction and collection account number [Section 203 A]
Chapter 48    Furnishing of statement of tax deducted [Section 203AA]
Chapter 49    Person responsible for paying [Section 204]
Chapter 50    Bar against direct demand on assessee [Section 205]
Chapter 51    Persons deducting tax to furnish prescribed returns [Section 206]
Chapter 52    Furnishing of return in respect of payment of interest to residents
                       without deduction of tax [Section 206A]
Chapter 53    Requirement to furnish Permanent Account Number [Section 206AA]
Chapter 54    Collection of Tax at Source from Profits and gains from the business of
                       trading in alcoholic liquor, forest produce, scrap, etc. [Section 206C]
Chapter 55    Tax collection account number [Section 206CA]
Chapter 56    Processing of statements of tax collected at source [Section 206CB]
Chapter 57    Requirement to furnish Permanent Account Number by collectee [Section 206CC]
Chapter 58    Advance payment of tax
Chapter 59    Refunds
Chapter 60    Withholding of refund in certain cases [Section 241A]
Chapter 61    Penalty for furnishing incorrect information in reports or certificates [Section 271J]
Chapter 62    Consequences of Default
Chapter 63    The last words
Appendix 1    TDS Authorities
Appendix 2    TDS Survey
Appendix 3    TDS Rates for Financial Year 2016-17
Appendix 4    Rates for Tax Collection at Source for Financial Year 2016-17
Appendix 5    Relevant Forms
Appendix 6    TDS on Sale of Property
Appendix 7    Online Correction
Appendix 8    Correction in OLTAS challan
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Author Details
T.N. Pandey
has a brilliant academic career. He is M. Com., LL.B from Agra University, where all along he had been a 1st divisioner and position holder —with Vlth position in B.Com in the year 1950 and 1st position in M.Com examination of the University in 1952. He has also cleared a Diploma Course in 'International Taxation' conducted under the auspices of United Nations and LL.M, both from Harvard Law School, USA, in the year 1980.
He started his service journey as a Lecturer in Commerce in DAV College, Kanpur, where he worked till his selection for Indian Revenue Service in the year 1954 and joined (then) Calcutta for training, where he passed departmental examinations in first attempt and was given a posting in October, 1956. He worked with distinction in various assignments in various capacities such as ITO, Asst. Commissioner, Deputy Director (Audit) and (Investigation), Commissioner of Income Tax (Appeals) & (Adm), Director General of I.T. (Adm.) and as Member and Chairman of CBDT. He worked on deputation in various other departments such as Under Secretary, MOF, Joint Director (Inspection and Investigation), Dept. of Company Affairs, First Secretary to the MRTP Commission on its constitution and Commissioner (Enquiries), Shah Commission. As Chairman, CBDT, he visited Belgium, Switzerland, France & Kuwait for negotiation of Double Taxation Avoidance Agreements.
CA. Kamal Garg [B. Com (H), FCA, DISA (ICAI)] is a Fellow Member of The Institute of Chartered Accountants of India (ICAI) and a First Class Commerce Baccalaureate from Deen Dayal Upadhyaya College, University of Delhi and a consulting academician in KGMA, Delhi. He was also the member of Board of Studies (BOS) Study Material Research Group (2009-2010) of NIRC of ICAI and a special invitee member of Accounting Standards Board (ASB) (2012-2013) and Ind AS (IFRS) Implementation Committee (2014-2015) of ICAI. He is also the faculty member of Ethical Standards Board (ESB) of ICAI and had an opportunity to act as a speaker in the very 1st Live Webcast held by ESB of ICAI in March 2013. He is also a key resource person for development and review of various study contents and webcasts for BOS of ICAI, such as study material and practice manual on Advanced Auditing for CA Final, eLectures for CA IPCC and CA Final studies, etc.
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