Taxmann TDS Ready Reckoner Edition September 2024

This comprehensive guide is designed to simplify the complexities of Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) under the Income-tax Act. It provides detailed, chapter-wise insights into every aspect of TDS and TCS, covering provisions, rules, compliance requirements, judicial precedents and recent changes by the Finance (No. 2) Act, 2024. Organised into four divisions—Introduction, Tax Deduction at Source, Tax Collection at Source, and Statement of Financial Transactions—it provides practical guidance through detailed analysis, tabular overviews, illustrations, case laws, and all necessary compliance forms.

This book is tailored for tax professionals, accountants, legal practitioners, and business owners.

The Present Publication is the 30^th Edition and has been amended by the Finance (No. 2) Act, 2024. This book is authored by Taxmann’s Editorial Board with the following noteworthy features:

• [Detailed Analysis] Each chapter provides an exhaustive analysis of TDS and TCS provisions, including the latest updates, like section 194T, which addresses TDS on remuneration, commission, or interest payable to the partners
• [Tabular Format] The book uses a tabular format to present complex information, making it easier to understand and navigate through the various provisions of TDS and TCS
• [Alphabetical Reckoner] An alphabetical reckoner for TDS, TCS, and SFT is included, serving as a quick reference tool to locate specific sections, rules, and requirements efficiently
• [Comprehensive Coverage of Interconnected Provisions] It consolidates all related provisions of TDS and TCS in a single place, providing a holistic view that simplifies understanding and application
• [In-depth Analysis of Rules] A thorough analysis of the rules governing TDS and TCS is provided, highlighting statutory requirements and compliance points in an accessible manner
• [Practical Illustrations] To simplify the complex provisions, the book includes practical illustrations that provide clarity on common scenarios and their respective tax treatments
• [Guidance on Controversial Issues] The book addresses contentious topics in TDS and TCS, supported by relevant case laws, providing legal clarity and authoritative guidance on complex issues
• [Linkage of Circulars and Notifications] Relevant circulars and notifications are linked directly with corresponding provisions, ensuring readers have the most current and applicable information
• [Forms and Compliance Tools] It includes all necessary forms required for compliance, providing a one-stop reference for all documentation needs associated with TDS and TCS
• [Special Provisions and Exemptions] Detailed chapters cover general exemptions from TDS, special provisions for senior citizens, guidelines on Nil/lower TDS certificates, and procedures for non-deduction based on self-declarations in Form 15G/Form 15H, ensuring comprehensive compliance
• [Consequences of Defaults] It outlines the consequences of defaults in TDS obligations, including penalties and interest implications, which are critical for maintaining compliance and avoiding legal repercussions

The book is systematically divided into four main divisions, providing a logical and thorough approach to TDS and TCS:

• Introduction
  • This division provides an overarching view of TDS and TCS provisions, establishing the groundwork for more detailed discussions in the subsequent chapters
• Tax Deduction at Source
  • This extensive division discusses every TDS provision across various scenarios, such as TDS from salaries, interest on securities, dividends, winnings from lotteries, payments to contractors, insurance commissions, rent payments, professional fees, income from units, payments to non-residents, and many more. Each chapter is dedicated to specific provisions, allowing for easy navigation and pinpointed access to relevant information
• Tax Collection at Source
  • This division provides a detailed analysis of TCS provisions, outlining the legal requirements, procedural aspects, and compliance guidelines that collectors of tax must follow
• Statement of Financial Transactions
  • The final division focuses on the Statement of Financial Transactions (SFT), with detailed guidance on the rules, filing requirements, and compliance norms associated with SFT