• Section 194C : TDS on Transporters

No TDS will be deducted on payment to those transporters, Who :

1) owns 10 or less good carriages during the previous year and

2) furnishes the declaration for not owning more than 10 goods carriages at any time during the previous year along with their PAN to the Party responsible for deducting tax or crediting payment.

In case the number of carriages exceeds 10 during the previous year than TDS will be deducted at the rate of 1% in case the payee is an individual or Hindu undivided family and at the rate of 2% in case of other payees if such payment exceeds Rs. 30,000 or aggregate of such payment in a financial year exceeds Rs. 75,000.

• Furnishing of Form 15CA/15CB

Furnishing of Form 15CA/CB has been made mandatory for every payment (whether taxable in India or not) made to Non-Resident. Further, penalty u/s 271-I has also been introduced in respect of non-furnishing of information or furnishing of inaccurate information in Form 15CA/15CB of Rs.  1,00,000/-.

• Fee Chargeable on Late filling of TDS Return

 As per Sec. 200A income tax department can levy late fee U/s 234E @ Rs. 200/- per day on delayed filing of TDS return.

• 269SS and section 269T of the Act to cover Real Estate Transactions also

Section 269SS of the Income-tax Act is amended with effect from 01.06.2015  to provide that no person shall accept from any person any loan or deposit or any sum of money, whether as advance or otherwise, in relation to transfer of an immovable property otherwise than by an account payee cheque or account payee bank draft or by electronic clearing system through a bank account, if the amount of such loan or deposit or such specified sum is twenty thousand rupees or more.

Section 269T of the Income-tax Act also been amended vide Finance Act,2015 with effect from 01.06.2015 to provide that no person shall repay any loan or deposit made with it or any specified advance received by it, otherwise than by an account payee cheque or account payee bank draft or by electronic clearing system through a bank account, if the amount or aggregate amount of loans or deposits or specified advances is twenty thousand rupees or more.

100% penalty provision under Sec.271D & 271E of the amount so accepted or deposited if any person fails to comply with given sections.

• PAN must for purchases above Rs 1 Lakh

Purchase of fridge, TV, Car, can be made in cash or cheque but if more than Rs. 1 Lakh then PAN must.