Traders should comply with provisions of TDS: Gandhi

Source: The Hitavada      Date: 08 Feb 2018 09:58:04


 

Business Bureau,

Nag Vidarbha Chamber of Commerce (NVCC) an apex body of traders and trade associations from Vidarbha in its 7th Executive Committee Meeting conducted an informative and interactive session on TDS provisions under Income-Tax Act. Satish Goyal, Commissioner Income-Tax (TDS), Nagpur was the keynote speaker on the occasion.
Satish Goyal explaining the provisions of TDS under Income-Tax Act, elaborated the amendments made in Union Budget 2018.


He said that Form 27C issued timber merchants, for availing exemption from TCS, without having any manufacturing activity is wrong on their part, department is verification of declaration; for transporters he said that commission agents are not eligible to give declaration for nil deduction of TDS; for builders and developers he said that whenever Joint Development Agreement is executed they are required to deduct tax under section 194IC before payment of consideration amount; HUF and individuals are also required to deduct tax if they are paying rent above Rs 50,000 per month.


He patiently replied to queries raised by NVCC members.
Earlier, NVCC President Hemant Gandhi felicitated Satish Goyal with shawal, shreefal. The guest was introduced by Girish Mundada, Convenor of NVCC’s Direct/Indirect Tax Sub-committee.


Hemant Gandhi in his concluding remarks appealed to business community to comply with the provisions of TDS and contribute their share in nation building. The programme was conducted by Secretary, Sanjay K. Agrawal and vote of thanks was proposed by Jt. Secretary, Faroique Akbani.


Prominently present were Sarvashri Past President – Govindlal Sarda, Jagdish Bang, Dipen Agrawal, Mayur Pachmatia, Vice President – Arjundas Ahuja, Raju Vyas, Ashwin Mehadia, Treasurer – Sachin Puniyani, Joint Secretary – Umesh Patel, PRO – Shabbar Sakir, Executive Committee Memebers – Dnyaneshwar Rakshak, Gajanan Gupta, Manohar Sahajramani, Monoj Laturia, Pratap Motwani, Rajan Agrawal, Rajesh Thakkar, Rajubhai Makhija, Swapnil Ahirkar, Santosh Kabra, Suryakant Agrawal, Virendra Chandak, Ashok Sangvi, Satish Bang, Shankar Sugandh, Special Invitee – Alok Kumar Das, Gajanan Mahajan, Mukundkumar Vyas, Narayan Toshniwal, Nikhil Agrawal, Rakesh Ahuja, Shripad Purushottawm Untawale, Umesh Shahu, Vijay Dahikar, Vijay Kewalramani, Vijay Chandak, Trade Representative – Amit Ashok Tyagi, Om Chokani, Kishor Thakkar, Narayan Dhingra, Ragunath Kendurkar, Shrikrishna Banhatti, Rajendra Agrawal, Ram Khubchandani, Sanjay Gupta, Saqib Parekh, Shreekant Bhandarkar, Subhash Agrawal, Vijay Pote, Zoeb Abbas Ali were present.
Informs a press release issued by Sanjay K. Agrawal, Secretary of the Chamber.