Important changes w.e.f. 01.06.2015 under Income Tax Laws.
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Important
changes w.e.f. 01.06.2015 under Income Tax Laws.
1. Now
Bank/Cooperative bank and post office RD recurring deposits interest, if more
than 10000/- per year will be liable to TDS w.e.f. 1-6-2015. If PAN number is
not given then TDS will be 20%.
2. Now
w.e.f. 1-6-2015 any transaction in real estate including agricultural land
shall be required to be made through account payee cheque or rtgs if it is of
Rs. 20000/- or more, only such farmers are free from this if both of them have
agricultural income only and not any other income chargeable to income tax i.e.
both of them should not have any income like interest/rent/salary etc. even of
one rupee, i.e. he should not have even income of one rupee other than only
agricultural income. If transaction is done in cash then penalty of an amount
equal to such cash transaction will be imposed on seller who accepts cash or
refund of advance is made in cash by the seller of property.
3.
Transactions of purchase by consumer of fridge, TV, Car, jewellery can be made
in cash or cheque but if more than Rs. 1 Lakh then PAN number of buyer will
have to be quoted. (In case of jewellery if more than Rs. 5 Lakh and even a
cash transaction of any amount therein, then TCS @1% will have to be made.)
CBDT has not yet made any circular or rule regarding quoting of PAN for
transaction of movable properties exceeding Rs. 1 Lakh.
4. w.e.f.
1-6-2015 in case of payment of transport freight at a single transaction of
more than Rs. 30000/- or of more than Rs. 75000/- in a year then TDS will have
to be deducted @ 1% and in case of recipient being firm or a company then TDS @
2% will have to be made. if the recipient own 10 or less goods carriage he can
give a declaration to this effect then TDS will not be deducted even if payment
exceeds the threshold of Rs.30000 / Rs.75000. Till now Income tax rules have
not been notified for 2015 therefore format of declaration to be obtained in
case of 10 or less truck has not also been notified yet now therefore until
specified format comes self declaration from truck owner can be obtained.
5. w.e.f.
1-6-15 if any payment is made by any person to a non-resident, (not being a
company) or to a foreign company any sum whether or not chargeable to income
tax shall furnish form No. 15CA & 15CB. Earlier only income chargeable to
income tax in India had to be reported only but now all payments are covered.
If such information is not furnished or the information furnished is inaccurate
then U/s 271-I penalty of Rs. 1 Lakh may be imposed.
6. Till
31-5-2015 Income tax department has no power to process TDS return U/s 200A to
levy TDS late fee U/s 234E but w.e.f. 1-6-2015 as per Sec. 200A income tax
department can levy late fee U/s 234E @ Rs. 200/- per day on delayed filing of
TDS return. so if any late fee is levied before 1-6-2015 appeal can be filed
for this or rectification application U/s 154 can be filed to get it cancelled.
Now if due to mistake any late fee U/s 234E is paid then refund will be granted
of such excess late fee.
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