National seminar on TDS
Updated: Aug 30, 2013 03:32:09pm
New Delhi, Aug 30 (KNN) To deliberate on key issues on the various provisions and new developments relating to tax deduction at source (TDS), a national seminar has been organised to be held here on September-11.
While Member (Revenue) Parvinder S Behuria CBDT will inaugurate the seminar, speakers include Chief Comissioner Income Tax, Delhi Amitabh Mishra, Commissioner Income Tax, (TDS), Delhi Anuja Sarangi, and tax professionals such as Co-Chairman, ASSOCHAM National Council of Direct Tax Rahul Garg, Partner, KPMG, Sanjiv Chaudhary, and Executive Director, PwC Sandeep Puri among others, according to a press release.
Among the issues that will be discussed are - Overview of TDS: covering rationale for TDS, TDS on different types of payments, the person making payment - agent of government, practice followed in other countries; TDS on payment to residents: salary, payments to contractors, rent, commission, professional fees; obligations of payer and rights of recipients; practical aspects and key issues on TDS of domestic transactions; payments to non-residents and domestic transfer pricing - practical issues; tax on perquisites; TDS on acquisition- Sec-194LA; software income and royalty- Sec-9(1)(vi); recent changes in TDS procedures; TDS on immovable property - Sec 194-IA; implications of increase in TDS rate on technical services and royalty payments; and Issues pertaining to TDS refunds and e-filing of TDS return.
The programme that is being organised by ASSOCHAM with support from the Ministry of Finance is meant for CEOs, CFOs, tax experts, middle and senior level officers dealing in taxation in the corporate world as well as practicing CA, CS, CWA and other related professionals, trade and industry, government, public sector units, consultancy organizations, funding agencies, corporate lawyers, banks and other financial institutions, FTOs.
On the need for the seminar, “Over the years Tax Deduction at Source (TDS) has emerged as a major tool of revenue collection in India. However, the way the provisions of the Income-tax Act, 1961 (the Act) dealing with the TDS are worded, taxpayers have to deal with several interpretational and procedural issues. Adding to the complexity is the plethora of judicial rulings on these issues. This is a cause of concern both for the taxpayers and the Revenue. While the taxpayers grapple with consequential issues of cash flow, disallowances, interest, penalty and protracted litigation - Revenue, apart from litigation, has to deal with administrative issues of refund processing,” the ASSOCHAM release said.
In addition, the numerous compliance requirements add significantly to the compliance cost to the business. This is felt particularly in case of cross border payments.
In case of non-residents there are further practical difficulties related to extra- territorial application of the provisions, compliances and availability of Treaty benefits, it said. (KNN)
While Member (Revenue) Parvinder S Behuria CBDT will inaugurate the seminar, speakers include Chief Comissioner Income Tax, Delhi Amitabh Mishra, Commissioner Income Tax, (TDS), Delhi Anuja Sarangi, and tax professionals such as Co-Chairman, ASSOCHAM National Council of Direct Tax Rahul Garg, Partner, KPMG, Sanjiv Chaudhary, and Executive Director, PwC Sandeep Puri among others, according to a press release.
Among the issues that will be discussed are - Overview of TDS: covering rationale for TDS, TDS on different types of payments, the person making payment - agent of government, practice followed in other countries; TDS on payment to residents: salary, payments to contractors, rent, commission, professional fees; obligations of payer and rights of recipients; practical aspects and key issues on TDS of domestic transactions; payments to non-residents and domestic transfer pricing - practical issues; tax on perquisites; TDS on acquisition- Sec-194LA; software income and royalty- Sec-9(1)(vi); recent changes in TDS procedures; TDS on immovable property - Sec 194-IA; implications of increase in TDS rate on technical services and royalty payments; and Issues pertaining to TDS refunds and e-filing of TDS return.
The programme that is being organised by ASSOCHAM with support from the Ministry of Finance is meant for CEOs, CFOs, tax experts, middle and senior level officers dealing in taxation in the corporate world as well as practicing CA, CS, CWA and other related professionals, trade and industry, government, public sector units, consultancy organizations, funding agencies, corporate lawyers, banks and other financial institutions, FTOs.
On the need for the seminar, “Over the years Tax Deduction at Source (TDS) has emerged as a major tool of revenue collection in India. However, the way the provisions of the Income-tax Act, 1961 (the Act) dealing with the TDS are worded, taxpayers have to deal with several interpretational and procedural issues. Adding to the complexity is the plethora of judicial rulings on these issues. This is a cause of concern both for the taxpayers and the Revenue. While the taxpayers grapple with consequential issues of cash flow, disallowances, interest, penalty and protracted litigation - Revenue, apart from litigation, has to deal with administrative issues of refund processing,” the ASSOCHAM release said.
In addition, the numerous compliance requirements add significantly to the compliance cost to the business. This is felt particularly in case of cross border payments.
In case of non-residents there are further practical difficulties related to extra- territorial application of the provisions, compliances and availability of Treaty benefits, it said. (KNN)
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