Major amendments in TDS/TCS Compliances

Dear Friends

This is to inform that major amendments have been made in the system of payment, deposit, filing and issuing TDS/TCS certificates w.e.f. 1^st April 2009. These include:

·        TDS/TCS shall be deposited mandatorily by electronic mode only.

·        Quarterly deposit of TDS is allowed in few cases with prior approval of Jt. Commissioner.

·        Form 16 and 16A amended. Form 16AA abolished.

·        New TDS/TCS challan – Form No. 17

·        Duplicate issuance of TDS/TCS certificate allowed on request of the deductee. A.O. to give credit on duplicate certificate on filing of affidavit and confirmation by concerned A.O.

·        Form 24C – TDS Compliance Statement introduced. To be filed by all assesses who have been allotted TAN. It is to be filed quarterly even if no tax is deducted.

·        TDS/TCS quarterly statement to be filed even if no tax deducted. Now even nil return is to be filed.