Introduction: CBDT has notified changes in Form 16 which will come into effect from May 12, 2019. The revised format of Form 16 will now provide the detailed break-up of tax-exempt allowances and deductions claimed under Section 80C to 80U
Besides these changes, We will discuss TDS under section 192, 192A, 194C, 194-I, 194-IA, 194-IB,194J and 195, contemporary issues on TDS (including correction statements pertaining to quarterly TDS returns).
All important changes affecting corporate tax, personal tax, TDS, remuneration planning, perquisite taxation for TDS and GST, taxation of retirement benefits will be discussed in the interactive workshop.
Modification in the format of Form No. 16 (Part B) and Form No. 24Q (Annexure II)
TDS on Salary under section 192
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.
Time limit for payment of TDS to the government
Employee needs to provide all the documents related to deductions as well as other income for proper computation of TDS
TDS & taxation of retirement benefits ( Gratuity, Leave Encashment, Provident Fund , Pension and voluntary retirement)
TDS on payments other than salary
TDS under section 194C, 194DA, 194-I, 194-IA, 194-IB, 194J, 194IC (introduced from 01-04-2017), 194LA, 194LC/D, 195
Consequences of TDS defaults
Forms for lower or no deduction of TDS under Section 197
Details about changes in Sections 206c(1D) and 206C(1F)
Contemporary issues in TDS
Penalty under Sections 234E and 271H
TDS default and consequences of subsequent payment by deductee
Refund of TDS
Revised quarterly TDS/TCS returns
Impact of section 206AA.
Implication of section 206AA in respect of deduction of tax under different provisions including oversea s payments.
Preparationand filing of e-TDS Return
Interest under Section 244A
Importance of PAN while calculating TDS
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 different between gift or a reward and whether reward should attract GST or should be treated as a performance Bonu s 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 input tax credit on Intracompany ‘transactions’?
Taxation on gratuity, leave encashment, pension, provident fund, VRS payments.
Tax liabili ty under new pension scheme.
Tax planning devices including investment planning.
Tax on perquisites and Remuneration Planning with Tax Provisions
Remuneration planning to minimize employees’ tax liabili ty.
Restructuring of present remuneration plan keeping in view present and future tax liabili ty of employees.
Tax on different perquisites provided to employees (like – rent-f ree/concessional accommo dation, car, driver, educatio n, domestic servant, interest-f ree/concessional lo an, sweat equity shares, touring/trave lling facility, gift, clu b facility, credit card facility, meal vouchers, refreshments, use of movable assets, transfer of movable assets, medical facility, leave trave l concession).
Tax-f ree perquisites.
Tax planning devices – How to convert within legal parameter a taxable perquisite into tax-f ree perquisite or perquisite taxable at concessional rate.
Documentation required for including perquisites while calculating TDS