TDS, TCS & Advance Tax Treatise, 2025 by CA. Nisha Bhandari – Edition 2025

Description

TDS, TCS and Advance tax are methods for recovery and collection of taxes adhering to the principle ‘pay as you earn’. These measures regulate the generation of revenue for Government coffers at the earliest possible time point. Recovery of taxes via TDS, TCS and Advance tax ensures security to the Government from the risk of losing tax in case the taxpayer’s financial position worsens by the time the assessment gets finalised. Another objective of these provisions is to put check on tax evasion. Provisions relating to TDS, TCS and Advance tax are therefore of paramount importance for revenue and equally so for assessees from compliance point of view. While appreciating the legal and procedural aspects relating to TDS, TCS and Advance tax provisions, the relevant Statutory Provisions, Rules, Forms, Circulars, Notifications, Instructions and Case Law are all equally important. The TDS and TCS Compliance becomes quite tedious, complex and cumbersome giving rise to numerous controversial situations as regards interpretation and application of the related provisions. Anyone concerned with TDS or TCS is required to keep his eyes open to totality of the substantive and procedural aspects. Further, TDS and TCS provisions being practice specific and generally procedural in nature, lead to frequent interactions of tax advisors with their clients and the department, requiring consultations of TDS specific law along with the latest procedural aspects.

The present book provides a complete theory as well as practice guide aimed at meeting out the TDS, TCS and Advance tax obligations alongwith apt analytical study of statutory provisions. It forms a class by itself for it is concise yet comprehensive, practical without ignoring basics of theoretical aspects including related case law, and also to the point for a quick and easy consultation, enabling the readers to inter alia derive precise, accurate and correct informations without loss of their valuable time.

This book also provides special emphasis on TDS obligation under section 194R and under section 194T. Section 194R deals with deduction of tax at source on benefit or perquisite arising while carrying out business or exercising profession. Section 194T as applicable w.e.f. 1-4-2025 deals with TDS on specified payments by firms to its partners.

The scope and implications of sections 194R and 194T are very wide and likely to give rise to many controversies as regards applicability of this new provision. The present Book incorporates a detailed commentary on TDS under sections 194R and 194T with a view to providing quick solution regarding various issues arising while complying with these provisions.

The entire subject matter is divided into four Books —

Book 1 is divided in Five Parts each respectively, dealing with —