TDS and Remuneration Palning by Dr Vinod K Singhania

Significant changes have been made in the last few months to stimulate economic growth. Implementation of these initiatives will have far reaching implications both at macro and micro level. Besides, the Finance Act, 2017 and CGST Act, 2017 have made significant changes for persons involved in tax deduction and administration of GST in a company.

All important changes affecting corporate tax, personal tax, TDS, remuneration planning, perquisite taxation for TDS and GST, retirement benefits will be discussed in the interactive conference.

Besides these changes, TDS under section 192, 192A, 194C, 194-I, 194-IA, 194-IB,194J and 195, contemporary issues on TDS (including correction statements pertaining to quarterly TDS returns) will be discussed.

• Whether perk/perquisite provided to employees in the course of employment is “supply” under GST.
• What are the perks given by employer which will attract GST?
• What is the different between gift or a reward and whether reward should attract GST or should be treated as a performance bonus in nature of salary?
• Can personal use of company cars be treated as a service and whether it will attract GST?
• Will companies be able to claim input tax credit on Intracompany ‘transactions’?

• Important amendments pertaining to corporate tax, personal tax, tax deduction/collection at source made by the Finance Bill, 2018.
• Tax planning devices pertaining to aforesaid amendments.

• Obligation of employer under section 192.
• Estimation of employees’ salary. Other incomes of employees. Losses declared by employees.
• Form No. 12BB,Form No. 12BA
• Preparation of Form No. 16 in different situations – When an employee has joined or left during a financial year, details of other incomes/loss of employees in Form No. 16, details of tax deducted by others in respect of other income reported by employees in Form No. 16.
• Employers’ obligation in respect of computation of relief under section 89 and providing deduction under sections 80C to 80U.
• Quarterly return in Form No. 24Q in electronic format.
• Time limit for payment of TDS to the government
• Employee needs to provide all the documents related to deductions as well as other income for proper computation of TDS

• TDS under section 194C
• TDS under section 194DA
• TDS under section 194-I
• TDS under section 194-IA
• TDS under section 194-IB
• TDS under section 194J
• TDS under section 194IC introduced from 01-04-2017
• TDS under section 194LA
• TDS under section 194LC/D
• TDS under section 195
• Consequences of TDS defaults
• Forms for lower or no deduction of TDS under Section 197
• Details about changes in Sections 206c(1D) and 206C(1F)

• Remuneration planning to minimize employees’ tax liability.
• Restructuring of present remuneration plan keeping in view present and future tax liability of employees.
• Tax on different perquisites provided to employees (like – rent-free/concessional accommodation, car, driver, education, domestic servant, interest-free/concessional loan, sweat equity shares, touring/travelling facility, gift, club facility, credit card facility, meal vouchers, refreshments, use of movable assets, transfer of movable assets, medical facility, leave travel concession).
• Tax-free perquisites.
• Tax planning devices – How to convert within legal parameter a taxable perquisite into tax-free perquisite or perquisite taxable at concessional rate.
• Documentation required for including perquisites while calculating TDS

• Taxation on gratuity, leave encashment, pension, provident fund, VRS payments.
• Tax liability under new pension scheme.
• Tax planning devices including investment planning.

• Penalty under Sections 234E and 271H
• TDS default and consequences of subsequent payment by deductee
• Refund of TDS
• Revised quarterly TDS/TCS returns
• Impact of section 206AA.
• Implication of section 206AA in respect of deduction of tax under different provisions including overseas payments.
• Preparationand filing of e-TDS Return
• Interest under Section 244A
• Importance of PAN while calculating TDS

• Online rectification of TDS