9 Amendments relating to TDS and TCS proposed in Budget 2015-16: Effective from June 01, 2015

Given below are the list of changes applicable from 1st June, 2015 for TDS and TCS amendments:

1. Requirement for obtaining evidence/ particulars by employer for TDS-Section 192

2. TDS from premature withdrawal from Employees Provident Fund Scheme (EPFS)-Sections 192A and 197A

3. TDS from interest (other than interest on securities)-Section 194A

4. TDS from payments to transporters-Section 194C

5. Obtaining/quoting tax deduction and collection account number (TAN) relaxed for certain notified persons-Section 203A

6. Processing of TCS returns-Section 206CB

7. Self-declaration for non-deduction of tax from life insurance payments-Sections 194DA and 197A

8. Interest on certain bonds and Government securities earned by FIIs-Section 194LD

9. Furnishing of information made more stringent and penalty introduced-Sections 195 and 271-I

For detail information on the above amendments, click here

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2 thoughts on “9 Amendments relating to TDS and TCS proposed in Budget 2015-16: Effective from June 01, 2015

  1. Deepesh

    Hi,

    Thanks for consolidating the amendments for TDS especially for an individual. I still see TAN as a mandatory field under sec. 195; is there a circular on IT website that can be used for submitting TDS under this amendment (am purchasing a property from an NRI & paying 20.6% TDS. Thanks in advance

    Reply
  2. Kalpana

    Can you please give a detailed procedure for deduction of tax for purchase of a property from an NRI under section 195, now that we do not need to have a TAN ? Can form 26QB be used for this also ? Thanks

    Reply

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