The Central Board of Direct Taxes (CBDT) has notified certain changes in Form 16. The new Form 16 is made effective from May 12, 2019. Employers issuing Form 16 for the financial year 2018-19 will have to issue them in the new format.
Besides these changes, Dr Vinod K Singhania will discuss TDS under section 192, 192A, 194C, 194-I, 194-IA, 194-IB,194J, 194M, 194N and 195, contemporary issues on TDS (including correction statements pertaining to quarterly TDS returns).
Taxation Laws (Amendment) Ordinance 2019 has made significant changes in corporate tax rates for certain companies and applicability of surcharge in different situations. All these important changes affecting corporate tax, personal tax, TDS, remuneration planning, perquisite taxation, taxation of retirement benefits will be discussed in the interactive workshop.
Managers/Senior Executives from
HRD Department and
All those who are concerned with Tax Deduction at Source and Financial Management Decision
Modification in the format of Form No. 16 (Part B) and Form No. 24Q (Annexure-II)
Impact on ITR filing
FORM 16 changes
Details of different allowances/perquisites given to employees
Details of exemption given to the concerned employee under different clauses of section 10
Details of deductions given under different sections under Chapter VI-A (i.e., sections 80C to 80U)
Details of other incomes reported by the employee to employer
PAN of the landlord in case of exemption pertaining to house rent allowance
PAN of the lender in case of interest on housing loan
TDS on Salary under section 192
The obligation of employer under section 192.
Estimation of employees’ salary. Other incomes of employees. Losses declared by employees.
Form No. 12BB, Form No. 12BA
Preparation of Form No. 16 in different situations – When an employee has joined or left during a financial year, details of other incomes/loss of employees in Form No. 16, details of tax deducted by others in respect of other income reported by employees in Form No. 16.
Employers’ obligation in respect of computation of relief under section 89 and providing deduction under sections 80C to 80U.
Quarterly return in Form No. 24Q in electronic format.
The time limit for payment of TDS to the government
The employee needs to provide all the documents related to deductions as well as other income for proper computation of TDS
TDS and taxation of retirement benefits (gratuity, leave encashment, provident fund, pension and voluntary retirement)
Forms for lower or no deduction of TDS under Section 197
GST on Perk/perquisite provided to employees
Whether perk/perquisite provided to employees in the course of employment is “supply” under GST.
What are the perks given by employer which will attract GST?
What is the difference between a gift or a reward and whether a reward should attract GST or should be treated as a performance bonus in nature of salary?
Can personal use of company cars be treated as a service and whether it will attract GST?
Will companies be able to claim the input tax credit on Intracompany ‘transactions’?
Tax on Remuneration Planning with tax provisions for different scenarios
Remuneration planning to minimize employees’ tax liability.
Restructuring of present remuneration plan keeping in view present and future tax liability of employees.
Tax on different perquisites provided to employees (like – rent-free/concessional accommodation, car, driver, education, domestic servant, interest-free/concessional loan, sweat equity shares, touring/travelling facility, gift, club facility, credit card facility, meal vouchers, refreshments, use of movable assets, transfer of movable assets, medical facility, leave travel concession).
Tax planning devices – How to convert within legal parameter a taxable perquisite into tax-free perquisite or perquisite taxable at a concessional rate.
Documentation required for including perquisites while calculating TDS
Provisions pertaining to surcharge for the assessment year 2020-21
New provisions as introduced by Taxation Laws (Amendment) Ordinance 2019
Applicability of the new provisions in TDS matters
Special provisions pertaining to taxation of certain companies
Lower corporate tax regime under new sections 115BAA and 115BAB [as introduced by Taxation Laws (Amendment) Ordinance 2019]
Consequences when the above provisions are applicable
Applicability of MAT/carried forward of MAT under the new tax regime
Comparative corporate tax incidence under the old regime and the new regime
New depreciation rates for the purchase of cars, buses, trucks, etc.
Dr Vinod K. Singhania
Renowned tax consultant –Associated as a senior tax consultant with several business houses and professional institutes in India and abroad
Seminar/workshops in tax laws – Key speaker in more than 750 seminars/ workshops in India and abroad
Published work in Tax Laws -More than 40 books published by Taxmann and 300 research articles published in different magazines and journals
Research experience in tax laws– 30 years in guiding PhD students and undertaking research in different aspects of taxation in India and abroad