Ahilya Chamber of Commerce and Industry
Date : 31st August 2020
Smt. Nirmala Sitaraman,
Minister of Finance,
Government of India,
NEW DELHI.
Respected Madam,
PROVISION OF TCS
We wish to submit that the provision for collecting Income Tax at source (TCS) which is going to be implemented from 1st October, 2020, will add to the already existing enormous compliance burden of taxpayers.
2. The twin provisions for its applicability being sellers having turnover of above Rs. 10 Crores, and buyer’s volume from any seller of Rs. 50 lacs, will require updating of software of all assesses having a turnover of Rs. 10 Crore or above. With the present value of goods, 10 Crores is not a very large turnover.
3. On the other hand, it will mean uploading of huge data on the Income Tax portal, which, though, working satisfactorily so far, may also lead to glitches.
4. Most importantly, it goes against the avowed target of our Hon’ble Prime Minister Shri Narendra Modi to bring India in the first 50 rankings of “Ease of Doing Business”.
5. Whilst at this, we may please be permitted to add that almost all the initiatives taken so far for increasing” Ease of doing Business” have been keeping in mind large corporate and multinationals. The life of MSMEs and middle and small level businesses have only become all the more miserable with provision after provision increasing their compliance burden and cost of doing business; both in direct and indirect taxes. The above provision will only add to the hassles.
Madam, we, therefore, earnestly request you not to postpone it to some further date but to please shelve this provision permanently.
We do trust that our submission will be found meritorious and you will kindly take requisite action.
With anticipatory thanks,
Very truly yours,
Ahilya Chamber of Commerce and Industry
Sushil Sureka
General Secretary
Also Read Other Similar Representations:-
| S. No. | Dated | Made by | Link to View the Representation |
| 1. | 06/08/2020 | C.V.O. Chartered & Cost Accountants’ Association | Representation for relaxation from levy of Section 234A interest |
| 2. | 25/08/2020 | C.V.O. Chartered & Cost Accountants’ Association | Suggestion /representation on 7 Important Direct Tax Issues |
| 3. | 04/09/2020 | All India Federation of Tax Practitioners Direct Tax Representation Committee |
Extend due date of filing Income Tax Returns & Tax Audit Report |
| 4. | 05/09/2020 | National Association of Tax Professionals (Haryana – Chapter) |
Request for Extension of Date of Filing of ITR & Audit Report |
| 5. | 24/09/2020 | Zalawad Federation of Trade & Industries | Roll-back provisions of TCS under section 206C(1H) |
| 6. | 23/09/2020 | Lucknow Chartered Accountants Society, Bombay Chartered Accountants’ Society, Chartered Accountants Association (Ahmedabad), Chartered Accountants Association (Surat) and Karnataka State Chartered Accountants Association | TCS- Section 206C(1H)- Request to Provide relief & Clarification |
| 7. | 13/09/2020 | Extend timeline for filing of Return, Tax & Transfer Pricing audit | |
| 8. | 31/09/2020 | Ahilya Chamber of Commerce and Industry | Withdraw New Income Tax TCS provisions |
| 9. | 07/10/2020 | Chamber of Tax Consultants | Extend Due Dates for filing Tax/Transfer Pricing Audit & ITR |
| 10. | 10/10/2020 | Tax Bar Association, Jodhpur | Extend due dates of Tax/Transfer Pricing Audits & Return Filing |
| 11. | 11/10/2020 | संभागीय चैम्बर ऑफ़ कॉमर्स एंड इंडस्ट्रीज भरतपुर (राजस्थान) | Extend GSTR-9, GSTR-9C ITR & Tax Audit Due dates |
| 12. | 12/10/2020 | All Gujarat Federation of Tax Consultants | Extend due date of filing of Tax Audit Report & Income Tax Return |
| 13. | 13/10/2020 | Tax Practitioners Association, Indore | Extend dates for filing Tax Audit Report & ITR for AY 2020-21 |
| 14. | 14/10/2020 | Tax Bar Association, Bhilwara | Extend Due Date of filing of Tax Audit & Income Tax Return |
| 15. | 14/10/2020 | Gujarat Chamber of commerce & Industry | Extend due date to submit Tax Audit Report & ITR to 31.12.2020 |
| 16. | 15/10/2020 | Karnataka State Chartered Accountants Association | Extend due date for filing TAR to 28.2.2021 & ITR to 31.03.2021 |
| 17. | 13/10/2020 | All India Federation of Tax Practitioners (CZ) | Request to extend date of filing Income Tax Audit for FY 2019-20 |
| 18. | NA | Tax Consultant’s Association, Jaipur | Extend due date for submitting Tax Audit Report & IT Returns |
| 19. | 10/10/2020 | Udaipur Tax Bar Association | Further extend due dates for filing of both ITR & TAR |
| 20. | 08/10/2020 | Tax Bar Association, Alwar | Extend due date to submit Tax Audit Report & IT Returns |
| 21. | 07/09/2020 | Tax Bar Association, Kota | Extend due date for submitting Tax Audit Report & filing IT Returns |
| 22. | NA | Nagpur Chamber of Commerce Limited | Extend due date for filing of Tax Audit reports, TP Audits & ITR |
| 23. | 21/10/2020 | Lucknow Chartered Accountants Society, Bombay Chartered Accountants’ Society, Chartered Accountants Association (Ahmedabad), Chartered Accountants Association (Surat) and Karnataka State Chartered Accountants Association | Extend Income Tax and GST Audit & Return Filing dates |
Author Bio
It is very true that it is purely against the “Ease of Doing Business” Policy. Govt should rethink on this and permanently remove this provision.
Sir,
I retired from SBI on July 2019, I received leave encashment amount Rs. 906000/- bank deduct I Tax above 300000/-, please guide
me eligible for refund of tax or not, If yes which cluse i show exampted in return I am yet not filled this year return.
Thanks
Sir,
I retired from SBI on July 2019, I received leave encashment amount Rs. 906000/- bank deduct ITax above 300000/-, please guide
me eligible for refund of tax or not, If yes which cluse i show exampted in return I am yet not filled this year return.
Thanks