Nine Main Changes related to TDS TCS in 2015-2016 Budget

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
SOURCE: TALLYKNOWLEDGE

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