Tamil Nadu - Madurai   

Tax deduction rules changed

By Our Staff Reporter

MADURAI, JUNE 8. Changes have been made in the Income Tax Act and Rules relating to tax deduction at source (TDS). The TDS return formats have also been changed.

An official release said those who made payments like salaries, interest, commission, rent and fees for professional or technical services exceeding the limits prescribed in the Income Tax Act should deduct income tax at source. Individuals or HUFs engaged in business and having gross receipts over Rs.40 lakhs and individuals or HUFs carrying on profession and having gross receipts over Rs.10 lakhs should deduct tax at source, at the time of crediting/paying. The amount of income tax so deducted should be paid into the credit of the Central Government within the time prescribed in the Act.

The release also listed the regulations applicable to tax deduction during 2002-03. Companies had to file electronic returns. Had the companies filed the returns in either old forms No.24, 26-A, 26-B and 26-C or in new forms No.24, 26 and 27, they had to file electronic returns again.

It said the non-companies should file returns in new forms No.24, 26 or 27. Even if the non-companies had filed the returns in the old forms No.24, 26A and 27, they had to file returns in the new forms again. They could also file electronic returns.

To file electronic returns, the deductors can approach the following agencies: Integrated Enterprises, Vakil New Street; Karvy Consultants, Goods Shed Street; Shell Transource, Venkataraman Road, Kamala Second Street, Chinna Chokkikulam, Madurai; Karvy Consultants, New Agraharam, Dindigul; Karvy Consultants, 100 Feet Road, Karaikudi; Integrated Enterprises, Sevalpatty South Street, Rajapalayam; Karvy Consultants, Subban Chetty Street, Theni; and Karvy Consultants, Maninagar, Palayamkottai Road, Tuticorin.

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