Income Tax TDS & TCS TREATISE Book : August 2019 Edition

By | September 11, 2019
(Last Updated On: September 11, 2019)



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TDS and TCS are methods for recovery and collection of taxes following the principle ‘pay as you earn’. These measures are helpful in the generation of revenue for Government coffers at an earlier point of time. Recovery of taxes via TDS and TCS provides security to the Government from chances of losing tax in case the taxpayer’s financial position worsens by the time the assessment gets finalised. Another objective of TDS and TCS provisions is to put check on tax evasion. Provisions relating to TDS and TCS are therefore of paramount importance for revenue and equally so for assessees from compliance point of view. While appreciating the legal and procedural aspects relating to TDS and TCS provisions, the relevant Statutory Provisions, Rules, Forms, Circulars, Notifications, Instructions and Case Law are all equally important. The onus relating to TDS and TCS however becomes quite tedious, complex and cumbersome giving rise to numerous controversial situations vis-a-vis interpretation and application of the related provisions. Anyone concerned with TDS or TCS is required to keep his eyes open to totality of the substantive and procedural aspects. Further, TDS and TCS provisions being practice specific and procedural in nature, led to frequent interactions of tax advisors with their clients and the department requiring frequent consultations of TDS specific law along with the latest procedural aspects.

The present work provides a complete theory as well as practice guide aimed at meeting out the TDS and TCS obligations alongwith apt analytical study of statutory provisions. It forms a class by itself for it is concise yet comprehensive, practical without ignoring basics of theoretical aspects including related case law, and also to the point for a quick and easy consultation, enabling the readers to inter alia derive precise, accurate and correct informations without loss of their valuable time.

The entire subject matter is divided into two Books —

Book 1:Tax Deduction at Source
Book 2:Tax Collection at Source

Book 1 is divided in Five Parts each dealing with —

Part I:TDS Ready Referencer
Part II:TDS in Regard to Certain Payments
  Section A:TDS Vis-a-Vis Salary Related Payments [Sections 192, 192A]
  Section B:TDS Vis-a-Vis Interest and Dividend Payments [Sections 193, 194, 194A]
  Section C:TDS Vis-a-Vis Winnings From Lottery, Horse Races, Etc. [Sections 194B, 194BB]
  Section D:TDS Vis-a-Vis Payments to Contractors [Section 194C]
  Section E:TDS from Certain Specified Payments [Sections 194D, 194DA, 194EE, 194F, 194G, 194H, 194-I, 194-IA, 194-IB, 194-IC, 194J, 194LA, 194LBA, 194LBB & 194LBC]
Part III:TDS Obligations, Particular to Non-Residents
Part IV:Consequences of Violation of TDS Provisions
Part V:Miscellaneous TDS Specific Provisions of General Applicability

This book, stands updated in the light of all the amendments brought about by the Finance (No. 2) Act, 2019. Further, practically speaking all judicial decisions, Circulars, Notifications, etc., as available upto 15th August, 2019 have also been scanned through and, if needed, incorporated at the relevant places so as to make it up-to-date in all its dimensions and aspects.

Presentation of Charts, Tables, etc. wherever needed, will work as a ready referencer. Real life Queries and Case Studies providing solutions of various practical problems associated with TDS and TCS are spread over the entire text at their related places and further enhance the practical utility of this book.

We have tried to make it an error-free and quality publication. We shall however be grateful for any valuable and constructive suggestions from our readers.

Free website support comprises Full Reports of all the decisions cited in the text of the book and also includes reproduction of the Circulars, Notifications, instructions, etc., referred to in this book.

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