Committee Recommendation to promote ease of doing business

By | January 18, 2016
(Last Updated On: January 18, 2016)

Recommendations to promote ease of doing business and simplify procedures-

(a) Enhancement and rationalisation of the threshold limits and reduction of the rates of TDS. TDS rates for individuals & HUFs to be reduced to 5% as against the present 10%.

(b) Simplification & rationalisation of the provisions of Section 197 and Rules for lower or non-deduction of TDS, aimed to improve ease of doing business.

(c) Proposal for certain amendments in rules 28, 28AA and 28AB to resolve practical difficulties faced by persons granted certificates for lower deduction under section 197

(d) Proposal for certain amendments in rule 37BA to obviate hardships arising in relation to claiming of credit for tax deducted under section 199

(e) Proposal for certain amendments in rule 30 and 31 in relation to time and mode of payment of TDS and filing of statement of TDS under the provisions of section 200

(f) Rationalisation of the provisions for maintenance of books of account and tax audit.

(g) A presumptive income scheme for professionals

(h) Deferment of ICDS

(i) Exemption to non-residents not having Permanent Account Number (PAN), but who furnish their Tax Identification Number (TIN) in their country of residence from the applicability of TDS at a higher rate under section 206AA

(j) Amendment to section 234C to provide relief where a new business is started during the financial year

(k) Grant of timely refund with interest and also providing for payment of higher interest in case of delayed refund

(l) Rationalization of the provisions relating to set off of refunds due to an assessee

(m) Release of property attached under section 281B on submission of bank guarantee

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