Amendments in consequence to new provisions of TDS

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..... or part of tax as required under provisions of Chapter XVII-B (Tax Deduction at Source - TDS) or pay the whole or part of tax as required under section 115-O (Tax on distributed profits) or under proviso to section 194B (tax on winnings from crossword, lottery, puzzles etc) is liable to pay penalty of sum equal to the amount of tax he failed to deduct or pay. Section 276B of the Act makes provisi .....

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..... st proviso to section 194R provides that in case the benefit or perquisite or VDA has a in kind component, then the person responsible shall ensure that required amount of tax has been paid, before releasing the benefit or perquisite. 4. In the case of VDA, since the consideration for transfer could be in exchange of another VDA (fully in kind ) or partly in kind, the first proviso to sectio .....

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..... secution, it is proposed to amend section 271C inserting two new sub- clauses under clause (b) in sub-section (1) providing reference to the first proviso to section 194R and the first proviso to section 194S. Similar amendments are also proposed in section 276B. Drafting changes are also proposed in the section to align the language with the parent provisions. 7. These amendments will take eff .....

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