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
Tags:

Author Bio

More Under Income Tax

3 Comments

  1. Ca Durgesh Chauhan says:

    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.

  2. A B Vaviya says:

    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

  3. A B Vaviya says:

    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

Leave a Comment

Your email address will not be published. Required fields are marked *

Search Posts by Date

October 2020
M T W T F S S
 1234
567891011
12131415161718
19202122232425
262728293031