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 taxpayers 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, lead 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 handling 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.