The Additional Commissionerate of Income Tax, TDS Range-3, Chennai under the able guidance of Shri M Karthikeyan,IRS , Additional Commissioner of Income Tax, TDS Range-3, Chennai in association with M/s A K Lunawath and Associates, Chennai conducted a TDS Awareness Webinar, today (13-09-2024) for the benefit of Income Tax Deductors / Collectors of various business sector.
In this Webinar, Shri L Rajaraman, Income Tax Officer addressed on
“Effective Implementation of TDS and TCS provisions under the Income Tax Act,1961”. In his address he explained in detail on various TDS and TCS provisions under which the deductors have to deduct / collect Income Tax at the prescribed rates, if such expenses / income exceed the threshold limits. Further, he has requested the deductors to deduct/collect Income tax on higher rate, u/s 206AA / 206CC and 206AB / 206CCA on certain conditions.
Shri V Deepan Kumar, Income Tax Officer addressed on “Duties and Responsibilities of Income Tax Deductors / Collectors under the Income Tax Act,1961 and under the Income Tax Rules, 1962”. He explained in a very lucid and effective manner that every deductor / collector under the Income Tax Law , to obtain TAN, and whenever certain expenses or incomes are made, to obtain the PAN of the deductee / collectee , the importance of verification its status such as valid and operative, to deduct tax / collect tax on appropriate rates, requirement of remittances of the TDS / TCS dues in time into the Central Government Account, significance of filing quarterly TDS / TCS statements, necessity of issuance of certificates.
Shri K Sendhil Kumar, Income Tax Officer addressed on “ Non-compliance of TDS / TCS provisions under the Income Tax Act,1961, and its consequences”. He explained in details on various consequences, such levy of Interest, Penalty, Late Filing Fees and Prosecution for certain non-compliance of TDS / TCS provisions. He requested the deductors to follow the Income Tax provisions and Income Tax Rules in a correct manner and to avoid such penal consequences.
Ms Divya Rangamani, TIN Facilitator addressed on “Income Tax – TRACES portal”. She explained the various activities to be carried out by the Deductors in TRACES portal in an effective manner.
The initiatives of Income Tax Department such as, soft copy of TDS pamphlets in English and Tamil, TDS manual in English and Tamil and availability of TRACES videos in Tamil in 16 topics, in the Income Tax Department, Chennai’s official You Tube Channel and availability of TDS Chatbot for both versions of android and iOS under the name “TDS NANBAN” were shared with the deductors.
In this TDS Awareness Webinar more than 70 deductors of various business sectors participated and benefitted.