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Tax Deduction and Collection at Source (As Amended by Finance Act, 2018)

Tax Deduction and Collection at Source (As Amended by Finance Act, 2018)

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Description
Tax deduction and tax collection at source are the two most important methods of realizing income-tax from recipients of Various kinds of income. Provisions relating to TCS and TOS have been made applicable in respect of a wide variety of incomes and payments. These provisions are beneficial both to the tax payers as well as the tax administrators. Farture to deduct or coflect tax at source from the specified incomes and payments is punishable with penalty/interest/fine and deliberate defaults attract criminal prosecution. Further there are a score of obligations of filing statements, returns by those responsible for deducting or collecting tax at source and thus the provisions relating to TDS/TCS have cast a very heavy burden on those responsible for paying and disbursing different kinds of payments. Therefore a study of the law and procedure relating to tax deduction and tax collection at source is very important and  absolutely essential not only for tax payers and disbursing officers but also for the tax administrators and tax professionals. This Book, a pioneering work, is a comprehensive, exhaustive and critical appraisal of the entire gamut of law relating to TDS and TCS. These provisions undergo enormous changes every year. The Finance Act, 2017 has also made several changes with a view to rationalize and simplify these provisions. This Nineteenth Edition has been revised and updated in the light of the changes effected by the Finance Act, 2016, as well as case lawand other developments like CBDT's clarifications and elucidations reported up to the beginning of April, 2017.
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Contents
Chapter 1.    Introduction
Chapter 2.    Tax Deduction and Collection Account Number and
                         PAN – Sections 203A, 206CA, 206AA & 206CC
Chapter 3.    Deposit and Credit of Tax Deducted at Source
Chapter 4.    Reduction of Prescribed Rates for Deduction of Tax
Chapter 5.    Certificate for Tax Deducted at Source Till 31-3-2010 : Section 203
Chapter 6.    Quarterly Statements for Tax Deducted at Source w.e.f. 1-4-2005
Chapter 7.    Submission of Prescribed Returns: Sections 206 and 206A
Chapter 8.    Salaries : Section 192 & 192A
Chapter 9.    Interest on Securities : Section 193
Chapter 10.  Dividends : Section 194 and Section 115-O
Chapter 11.  Interest Other than Interest on Securities : Section 194A
Chapter 12.  Winnings from Lottery or Crossword Puzzle : Section 194B
Chapter 13.  Winnings from Horse Races : Section 194BB
Chapter 14.  Payments to Contractors & Subcontractors : Section 194C
Chapter 15.  Insurance Commission : Section 194D & 194DA
Chapter 16.  Payment to Non-resident Sportsmen or Sports Associations : Section 194E
Chapter 17.  Payments in Respect of Deposits under National Savings Scheme, etc.: Section 194EE
Chapter 18.  Repurchase of Units by Mutual Fund or Unit Trust : Section 194F
Chapter 19.  Commission on Sale of Lottery Tickets : Section 194G
Chapter 20.  Commission, Brokerage, etc. : Section 194H as Inserted from 1-6-2001
Chapter 21.  Rent : Section 194-I
Chapter 22.  Fees for Professional or Technical Services : Section 194-J
Chapter 23.  Income in respect of Units : Section 194K and Tax on Distributed
                     Income under Section 115R
Chapter 24.  Compensation for Land Acquisition Transfer for Immovable
                    Properties : Section 194L, 194LA and 194-IA
Chapter 25.  Sums payable to Non-Residents : Sections 194LB, 194LBA, 194LBB, 194LC and 195
Chapter 26.  Income in Respect of Units of Non-Residents : No Tax Deductible
                   w.e.f. 1-4-2003 - Section 196A   
Chapter 27.  Income from Units of Offshore Funds : Section 196B
Chapter 28.  Income from Foreign Currency Bonds or Shares : Section 196C
Chapter 29.  Income of Foreign Institutional Investors from Securities : Section 196D
Chapter 30.  Collection of Tax at Source : Section 206C &206CC
Chapter 31.  Penalties, Interest and  Leviable for Non-compliance with TDS and TCS Provisions
Chapter 32.  Prosecution for Non-Compliance with Provisions of Tax
                       Deduction and Tax Collection at Source
Chapter 33.  Advance Tax
Appendix I : Permanent Account Number : New Norms
Appendix II : FAQs on Tan
Appendix III : FAQs on Tax Deducted at Source (TDS)
Appendix IV : Frequently Asked Questions on E-TDS/TCS Returns
Appendix V : Guidelines for Electronic Filing of Returns of Tax Collected at Source Scheme, 2005
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Author's Details
Late Shri. S. R. Kharabanda
was a retired Commissioner of Income-tax who served in the afore-mentioned capacity at Shillong, Kanpur, Lucknow, Patna and Agra. He also worked as a Regional Director, Company Law Administration, Northern India. After retirement he was practising as advocate and tax consultant and had been retained as a taxation and financial advisor by a number of companies. An M.A. in Mathematics he also topped the LL.B. Examinations of Kanpur University and was awarded the Chancellor's Medal. He was on the editorial board of the journals, "Taxation", "Taxman" and "Judgement Today". He has extensively written on taxation and allied subjects in professional and economic journals. He was also author of the book "Search & Seizure under Income Tax Law" and co-author of the book "Tax Deduction & Collection at Source" with Shri Arun Kharabanda. He has also re-written the fourth edition of the book "Income Tax Pleadings, Practice and Procedure".
Shri Prem Nath is also a retired officer of the Indian Revenue Services who had successively functioned as Income Tax Officer, Appellate & Inspecting  Assistant Commissioner and Commissioner of Income Tax. He has had extensive experience of working as financial advisor to a number of ministeries of the Central Government and served as director of a few public sector companies. He was a Member of the Appellate Tribunal for forfeited Property, the final court of appeal in respect of properties forfeited under the Smugglers & Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976. Keenly interested in taxation laws, he has been contributing to professional journals, mainly on the subject of simplification of tax laws. Both the authors are also co-authors of the following books:
(i)  "Interest under Direct Tax Laws";
(ii) "Penalties and Prosecution under the Direct Tax Laws"; 
(iii) "Law Relating to Depreciation".
V. Gopalan, an Advocate since 2001, he is a career legal journalist with over four decades of rich experience with legal journals like Taxation, Chartered Secretary, Judgments Today, Tax and Corporate Referencer, Current Tax Com News and Company Law Journal. He was earlier the Director of Publications at the Institute of Company Secretaries of India. Presently he is Consulting Editor of Chartered Secretary published by the ICSI and is on the panel of Editors of ICAI. He has to his credit over two hundred and fifty articles on different aspects of law, particularly taxation and corporate laws published in all leading law journals. He is the Co-author of Tax Practice Manual' (published twice) and lead co-author of the secondedition of All India VAT Digest (Four Volumes) published in 2015. He is also the Revising Author/ Co-author of several other professional books on law including this Book.
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