At last I have arranged a press release according to which new tds rules are now effective from 01.07.2009 instead of 01.04.2009.Income Tax department again fooling taxpayers .As press release which has been issued on April 11,2009 is available to general public as well as press only on 11.05.2009???????.I think they treated this paper like a secret document and after persuasion and pressure from trade body only then it is made available to general Public.
As I have updated you earlier that Implementation of Form 17 and other new rules implementation may delay on 02.05.2009 but on that time no one has access to this so called "press release".Even highest accounting body ICAI has sought a clarification regarding implementation of Form 17.So by this any body can judge that when a highest accounting professional body has no knowledge of delay in implementation then we can easily assume that no boy know about it.
No information on Income tax or NSDL website....no news in major news papers only website that break the news taxindiaonline ,which has mentioned that old form can be used upto 30.06.2009 but that site also have no access to press release.(we can assume )
Its shameful for income tax department first because they have issued New system of TDS notification without any home work and second failed to inform the taxpayers about delay in implementation.Further due to this delay,many new problem has arisen.
1.According to new rules Govt deductor is now required to deposit tds, 7th of next month where as as per old rules tax is required to be deposited on same day ...many govt departments have stopped depositing tax on same day .Now the implementation of new rules is wef 01.07.2009 so they have to deposit the tax on same day...
2.As per old rules quarterly return is required to be deposited on 15 July for the first quarter where as in new return new return on form 24 C is reuired quarterly and form 24Q ,26Q,and 27EQ is required to be deposited only on 15 June in next year .Now the question is whether quarterly return(form 24Q,26Q,27q,27EQ) for etds /etcs for first quarter if Fy 2009-10 is required or not.
3.Unique transaction number is required to be given on Form 16 and 16A and on income tax returns ,as the system to generate this number has been postponed ,the question is here that whether the column of UTN will be kept blank in form 16 /16A and ITR form in respect of Quarter one or any sytem will be placed to generate the UTN for First quarter entries.
4.How Form 26AS of deductee will be updated If pan of deductee has not been updated in NSDL system either at the time of tax deposit or at the time of filing of return.
On the basis of above few query/point and other related point ,I strongly support the demand that new TDS rules should be implemented from 01.04.2010 . Implementation in mid of the Fy only create problems and confusion for the Taxpayers.
No.402/92/2006-MC (11 of 2009)
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
New Delhi, Dated: April 11, 2009
PRESS RELEASE
The Central Board of Direct Taxes have decided to defer the implementation of Notification No.31/2009 dated 25.3.2009 amending or substituting Rules 30, 31, 31A and 31AA of the Income Tax Rules, 1962. The amended / substituted Rules will now come into effect on 1st July 2009 instead of 1st April 2009.
Tax deductors / collectors may continue to deposit TDS / TCS tax and file TDS / TCS returns as per the pre-amended provisions in the interim period
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