TDS AND Remuneration Planning By Dr. Vinod K Singhania

Introduction:  

The Central Board of Direct Taxes (CBDT) has notified certain changes in Form 16. The new Form 16 is made effective from 12 May, 2019. Employers issuing Form 16 for the financial year 2018-19 will have to issue them in the new format.
The last date to file your income tax returns for the year is July 31, 2019. If you haven’t already started computing your tax liabilities, it’s time to start now. Although technology has made it easier for us to file our returns online, the details required while filing returns this year ensure that you would have to dedicate a lot more time to this than earlier.

Besides these changes, We will discuss 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).
All important changes affecting corporate tax, personal tax, TDS, remuneration planning, perquisite taxation for TDS and GST, taxation of retirement benefits will be discussed in the interactive workshop.

Target Audience:

Managers/Senior Executives from

1. Finance,
2. Accounts,
3. HRD Department and
4. All those who are concerned with Tax Deduction at Source and Financial Management   Decision

Programme Schedule:
 
Modification in the format of Form No. 16 (Part B) and Form No. 24Q (Annexure II)
 
Format of Form No. 16 (Part B) and Form No. 24Q (Annexure II) has been amended by CBDT on April 12, 2019 (applicable with effect from May 12, 2019). Consequences of these amendments pertaining to generation of Form No. 16 and uploading of Form No. 24Q for the financial year 2018-19 will be discussed by Dr. Vinod K. Singhania in the seminar.
 
Consequently, a few amendments are required for the financial year 2019-20 in the format of different declarations (which are taken from employees) for correctly giving exemptions under different clauses of section 10 and deduction different sections of Chapter VI-A. These consequential modifications will be discussed along with case studies.

TDS on Salary under section 192

• 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 & taxation of retirement benefits ( Gratuity, Leave Encashment, Provident Fund , Pension and voluntary retirement)

TDS on payments other than salary

• TDS under section 194C, 194DA, 194-I, 194-IA, 194-IB, 194J, 194IC (introduced from 01-04-2017), 194LA, 194LC/D, 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)

GST on Perk/perquisite provided to employees

• 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 Bonu s 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’?

Tax on Remuneration Planning with Tax Provisions for different scenarios

• Remuneration planning to minimize employees’ tax liabili ty.
• Restructuring of present remuneration plan keeping in view present and future tax liabili ty of employees.
• Tax on different perquisites provided to employees (like – rent-f ree/concessional accommo dation, car, driver, educatio n, domestic servant, interest-f ree/concessional lo an, sweat equity shares, touring/trave lling facility, gift, clu b facility, credit card facility, meal vouchers, refreshments, use of movable assets, transfer of movable assets, medical facility, leave trave l concession).
• Tax-f ree perquisites.
• Tax planning devices – How to convert within legal parameter a taxable perquisite into tax-f ree perquisite or perquisite taxable at concessional rate.
• Documentation required for including perquisites while calculating TDS

Faculty:

Dr. Vinod K. Singhania

• Renowned tax consultant -Associated as senior tax consultant with several business houses and professional institutes in India and abroad
• Seminar/workshops in tax laws - Key speaker in more than 750 seminars/ workshops in India and abroad
• Published work in Tax Laws -More than 40 books published by Taxmann and 300 research articles published in different magazines and journals
• Research experience in tax laws– 30 years in guiding Ph.D students and undertaking research in different aspects of taxation in India and abroad.