Prepare for the TDS Nightmare!

No Respite From The TDS Bite Even For Non-Taxpayers!

TDS Blows That Will Hit You Hard!

• No provision for furnishing any declaration (as in current Form 15G/15H) for non deduction of TDS from interest in cases of non-taxable income will hit hard senior citizens, widows, agriculturists and several other small interest earners.
• No provision for obtaining any certificate for TDS at a lower rate will create hardships for the business community.
• Harsh and bizarre consequences to arise on account of the new provision prescribing 10% TDS in respect of payments of ‘any other income’.
• Even personal and commercial transactions, such as receipt of any consideration for sale of goods or services or transfer of any movable or immovable property, to attract TDS, which in several cases could work out much higher than the actual profit earned from the transaction. (more…)