Tuesday 3 March 2015

Proposed TDS and TCS Amendments under Finance Bill, 2015

The Finance Bill, 2015 proposes to streamline the provisions of TDS and TCS under the Income Tax Act. The key proposals seek to bring uniformity between the TDS and TCS provisions, strengthen TDS provisions relating to salary income, resolve the uncertainty surrounding taxation of interest payments by cooperative banks to members and encompass reporting requirements under section 195(6) of the Income Tax Act to those payments that are not chargeable to income tax.
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