Income tax dept conducts awareness webinar for tax deductors

CHENNAI: The additional commissionerate of income tax conducted a TDS awareness webinar on Thursday. More than 70 tax deductors from various business sectors participated. Income tax officials L Rajaraman, K Sendhil Kumar and V Deepan Kumar addressed the deductors on various TDS / TCS provisions and their effective implementation. They spoke about duties and responsibilities of deductors and non-compliance to TDS /TCS provisions and its consequences. The discussion covered TDS on purchase of property u/s 194IA, TDS on payments by the firm to its partners u/s 194T (which is going to implemented April 1, 2025), transfer of TDS credit in the case of minor to the guardian on clubbing of Income under Rule 37BA, difference between TDS on purchase of property u/s 194IA and TDS on compensation paid to the property owners u/s 194LA, TCS on transfer of fund to abroad under LRS u/s 206C(1G).