Deduction of Tax at Source with Advance Tax and Refunds book by Vinod K. Singhania

This book provides a comprehensive legal analysis of the provisions related to TDS, TCS, Advance Tax, and Refunds under the Income-tax Act, accompanied by practical guidance supported by illustrations and legal jurisprudence.

It is beneficial for tax professionals, accountants, and legal practitioners.

The Present Publication is the 37^th Edition and has been amended by the Finance (No. 2) Act, 2024. This book is authored by Dr Vinod K. Singhania and divided into four divisions, namely:

• Deduction of Tax at Source
• Advance Tax
• Tax Collection at Source
• Refund

The key features of the book are as follows:

• [In-Depth Legal Analysis] The book provides a detailed analysis of the provisions related to TDS and TCS, providing readers with a clear understanding of their legal obligations under the Income-tax Act. Each section is analysed with precision, highlighting the purpose, application, and implications of the provisions
• [Extensive Use of Illustrations] With more than 40 detailed illustrations, the book breaks down complex legal provisions into simple, real-life examples
• [Comprehensive Case Law Compilation] The book includes a vast repository of case laws, summarising the key judicial decisions that impact TDS and TCS provisions. This section provides readers with legal precedents that are crucial for understanding how courts interpret various provisions, aiding in the resolution of contentious issues
• [Detailed Analysis of Rules and Compliance Requirements] It covers all the rules prescribed under the TDS and TCS framework, detailing the procedural aspects such as the calculation of tax, issuance of certificates, and filing of returns. It also discusses the consequences of non-compliance, outlining penalties, interest, and other repercussions
• [Guidance on Controversial Issues] Recognising the complexities and grey areas in tax law, the book addresses controversial issues within TDS and TCS, providing clear guidance and insights. Each issue is analysed with supporting case laws and practical recommendations
• [Integration of Circulars and Notifications] To ensure that practitioners are constantly working with the most up-to-date information, the book integrates relevant circulars and notifications directly with the provisions they pertain to
• [Extensive Referencer Sections]
• TDS/TCS Rates – A detailed referencer of applicable tax rates for various categories of income under TDS, including specific rates for withholding tax and TCS
• Advance Tax Rates and Schedules – Comprehensive guidance on advance tax rates, due dates, and payment schedules
• Calendar for Compliance – A dedicated calendar section lists all critical dates for TDS, TCS, and advance tax payments

The structure and the content breakdown of the book are as follows:

• Deduction of Tax at Source
• This division covers various topics, including TDS on salaries, interest, dividends, contractor payments, etc. It provides practical advice on calculating TDS, filing returns, and issuing certificates, with detailed sections on how to handle specific types of income and scenarios
• In addition to standard TDS obligations, the book addresses special cases such as TDS on remuneration, bonus or commission payable to the partners, winnings from lotteries, horse races, and other gaming activities
• Advance Tax
• The advance tax section is an essential guide for taxpayers, detailing who is liable to pay, how to compute the liability and the schedule of payments. It covers both the taxpayer's obligations and the procedures followed by tax authorities in issuing notices and assessing compliance
• The book also analyses the various scenarios that can trigger interest and penalties for non-payment or underpayment of advance tax, providing strategies for minimising these liabilities
• Tax Collection at Source
• This division focuses on the provisions related to TCS, detailing which transactions are subject to collection, applicable rates, and compliance requirements. It provides clear guidelines on the calculation, collection, and remittance of TCS, along with the issuance of certificates and filing of returns
• The book also includes specialised guidance on TCS in less common situations, such as transactions involving scrap, tendu leaves, and minerals, providing a complete overview of the TCS landscape
• Refunds
• A dedicated section on refunds explains the circumstances under which taxpayers can claim refunds, the procedures involved, and the calculation of interest on refunds. This division is beneficial for understanding how to manage and expedite the refund process, as well as how to handle disputes related to refunds
• The book also addresses the set-off of refunds against tax liabilities, offering practical tips on managing this aspect of tax compliance