Provisions regulating mode of accepting or taking loans or deposits and mode of repayment of certain loans and deposits are contained under section 269SS and 269T of Income Tax Act 1961.
In business parlance these days, the word ‘TDS’ has become synonymous with ‘tedious’. The deductor and the deductees who are the affected parties in these transactions are having a tough time. They not only have to ensure their role and play it well, they also have to take care that the other party (deductor/deductee ) have played their roles efficiently.
Checking avoidance of TDS/ TCS liability in respect of the following payment,/ transactions; 1. Payment for purchase of land under sale deed by project implementing authorities towards compulsory land acquisition for SEZs/public utilities implemented under Fast Track procedure where the implementation is not done directly by state government. 2. Payment of commission by cooperative banks to agents/daily deposit collectors
