Bangalore Chamber of Industry and Commerce (BCIC)?under the aegis of?its?Direct Taxes Expert Committee organised a?Seminar on Tax Deduction at Source (TDS). ? The objective of the seminar was to reflect on issues relating to?TDS concerning??cross border transaction, industry issues and
domestic pyments.
?K R Sekar, Chairman, Direct Taxes Expert Committee, BCIC? said, the seminar would reflect on industry issues related to tax deduction at source, mismatch of PAN card details, lawyer and holding taxes and? the practical problems faced by the corporate? and tax payers. Speaking on TDS Issues on Cross Border Transaction and the recent legal developments, Sharath Rao, Associate Director, BMR Advisors Pvt. Ltd said, Karnataka High Court held that TDS determination on NR payments cannot be made voluntarily NOC from Income-tax Department (ITD) is mandatory, Supreme Court reversed the KHC ruling, SC has affirmed that TDS provisions being machinery provisions have to be read together with the charging provisions in Section
4 of the ITA
Speaking on TDS Issues on Domestic Payments that are specific issues to reimbursement of? expenses, riram Sampath, AGM Finance, TVS Motor Co. Ltd,? said, The term any sum used in the Section (and in Circular No. 715) conveys that reimbursement of expenses will also attract TDS. Courts have held that TDS will not be attracted if separate bill is raised for reimbursement of expenses and contrary views have also been held by Courts.? He also spoke about queries related to Remittance, eTDS Return, TDS Certificate and NSDL/TIN.
S Sampath Kumar, DGM Taxation (Direct Taxes), Toyota Kirloskar Motor Pvt Ltd said, TDS is indirect method of collecting tax Pay as you earn. It ensures regular flow of revenue to Government Exchequer and minimises incidents of tax evasion. It is an Obligation on Payer to deduct tax at source (TDS)
Addrssing the gathering, P S Chhina, IRS Commissioner Income Tax TDS Bangalore said, The economy has attained a higher growth path, there has been growth and structural transformation of various segments and the role of the service sector too has increased many folds.
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