Handbook on Tax Deduction at Source - Including Tax Collection at Source (As amended by the Finance Act, 2024)

As amended by the Finance Act, 2024
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Description
Without breaking the tradition of previous Finance Acts, the Finance Act, 2022 also has come up with new TDS provisions along with modifications to the existing TDS/TCS Sections. At times, for a given assessee, there has been substantial increase in the compliance responsibilities and also on the cost of compliance. The updated knowledge on tax aspects and technicalities on compliance makes the depend more on professionals who are abreast of the above aspects. As we are aware, while doing compliances, many of the data fields of the Tax Returns/Statements are auto populated or filled with already captured data by the Regulators. This is going to be on the increase in the years to come, so that at some point of time 90% or more of the data of any compliance document of any given assessee will be auto filled and the balance only needs to be keyed in. The phenomenal increase in electronic modes of payments and receipts makes this easily possible for the government and regulators. Compliance of the TDS or TCS provisions from the side of the assessee brings smooth flow of tax revenue to the government apart from widening the tax base. Now-a-days instead of looking at which all transactions are subjected to TDS/TCS, it will be easy to search which all transactions are not subjected to TDS/TCS, as these may be less in number.

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Contents
Chapter 1:    Collection and Recovery of Tax - Introduction
Chapter 2:    section 192 - TDS on Salary
Chapter 3:    Section 192A - Payment of accumulated balance to employees
Chapter 4:    Section 193 - TDS from Interest on Securities
Chapter 5:    Section 194 - TDS from Dividends
Chapter 6:    Section 194A - TDS from Interest other than Interest on Securities
Chapter 7:    Section 194B - TDS from Winnings from Lottery or Crossword Puzzle
Chapter 8:    Section 194BB - TDS from Winning from Horse Races
Chapter 9:    section 194C - TDS from payments to Contractors
Chapter 10:  Section 194D - TDS on Insurance Commission
Chapter 11:  Section 194DA - TDS from payment in Respect of Life Insurance Policy
Chapter 12:  Section 194E - TDS from payment to Non-resident Sportsmen
                       or Sports Associations
Chapter 13:  Section 194EE - TDS from Payments in Respect of Deposits under
                       National Savings Scheme, etc.
Chapter 14:  Section 194F - TDS from Payment on account of repurchase of units
                       by Mutual Fund or Unit Trust of India
Chapter 15:  Section 194G - TDS on Commission etc., on Sale of Lottery Tickets
Chapter 16:  Section 194H - TDS on Commission and Brokerage
Chapter 17:  Section 194-I - TDS from Rent
Chapter 18:  Section 194-IA - TDS on Payment on Transfer of certain Immovable 
                        Property (Other than agricultural land)
Chapter 19:  Section 194IB - TDS on Payment of Rent by Certain Individuals or Hindu
                        Undivided Family
Chapter 20:  Section 194-IC - TDS on Payment under Specified Agreement
Chapter 21:  Section 194J - TDS from Fees for Professional or Technical Services or 
                        Royalty or Non-Compete Fee
Chapter 22.    Section 194K - TDS on Income in respect of Units
Chapter 23:  Section 194LA - TDS on Income in respect of Units
Chapter 24:  Section 194LB - TDS on Payment of Compensation on Acquisition
                        of certain Immovable Property (other than agricultural land)
Chapter 25:  Section 194LBA - TDS from income by way of interest from Infrastructure Debt Fund
Chapter 25:  Section 194LBA - TDS on Income from Units of Business Trusts 
Chapter 26 to Chapter 49
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Author Details
P.T. JOY is a Chartered Accountant with 18 years of pi qualification experience. He is a commerce graduate, law graduate and has been active in tax teaching for 15 years and has been a visiting faculty at various professional bodies including the Institute of Chartered Accountants of India, business schools a: institutions. He has contributed articles on matters of taxes and finance in News dailies, ICAI publications, publications of industry organisations and other online publications. He has been a speaker at more than 300 seminars, meetings, discussions of Professional bodies, Business Schools, Governmental organisations and live discussions of TV channels.
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