Rationalisation of provisions relating to deduction of tax on interest (other than interest on securities)

[Admin TMI]

Question - What are the proposed amendment in the provisions of section 194A of the Income-tax Act, 1961 in Finance Bill 2015 ?

AI Summary

Amendments to Income-tax Act 1961: Key Changes in Sections 194A, 200A, 206C, 192, and 195 for Better Compliance The Finance Bill 2015 proposes amendments to the Income-tax Act, 1961, specifically sections 194A, 200A, 206C, 192, and 195, to improve tax compliance and streamline processes. Key changes include enabling fee computation for late TDS/TCS statement submission, allowing TCS statement corrections, and processing TCS statements similar to TDS. Amendments also propose penalties for delayed or incorrect information submission related to foreign remittances and TDS/TCS payments made without challans. Additionally, it mandates evidence submission for certain deductions and exemptions under section 192. These changes aim to enhance compliance and reporting efficiency, effective from June 1, 2015.