Prayagraj branch of CIRC of the Institute of Chartered Accountants of India organized seminar on the provisions of TDS and TCS under the income tax act 1961 as joint venture of the TDS wing of Allahabad range of the income tax department wherein chief guest was S. K. Pandey, IRS, Assistant commissioner of income tax TDS and keynote speaker was CA Dr. Navin C. Agarwal, leading chartered accountant.

Chief guest of the seminar said that we are as a part of out reach program of the department. He thanked the assesses of his charge since the collections have exceeded the targets.

Mr S. K. Pandey, IRS expressed his desire to resolve the matters of outstanding demands of TDS and TCS.

Key note speaker CA Dr. Navin C Agrawal in his address brought out the changes in procedural matters over last 30 years. He appreciated the efforts of the income tax department for bringing out the changes to meet the needs of the growing economy of the country. He elaborated the changes brought out in the provisions of TDS and TCS through Finance Act 2024 presented by the new Government on 23rd July 2024. These include to allow credit for the TDS/TCS where assessee has declared sach income to the employer with certain conditions, now buy back of shares will be taxable as deemed dividend under the head income from other sources and tax will be deducted accordingly, remuneration and interest to the partners is also liable to TDS from financial year 25 26.

Dr. Navin C Agrawal said that TDS rates have been reduced for certain payments from 5% to 2% with effect from 1.10. 24. Time limit for revising the TDS returns as well as for holding assessee in default is also laid down for 6 years. Purchase of luxury items will also be liable to TCS for some for a sum exceeding 10 lacs like vehicles. On the whole the purpose of increasing the scope of TDS and TCS is to bring the maximum transactions within the knowledge of the income tax department. Such information is shared through AIS and assesses are expected to file their return of income after considering such information. The queries of the participants where also responded.

Mr SK Singh income tax officer also spoke on the occasion.

The program was conducted by the secretary of the branch CA Rajesh Kumar Pande. Session was chaired by CA Manish Dhar Dwivedi. CA S. B. Pathak presented the momento to the chief guest and CA RK Agrawal to the Key note speaker. Program started with lighting the lamp and garlanding the Maa Saraswati and national anthem.