The document outlines new requirements under Indian tax law for customers with annual turnover over Rs. 10 crores regarding the deduction of tax at source (TDS) at 0.1% of payments over Rs. 50 lacs annually or collection of tax at source (TCS) at 0.1% for other customers. It notes that a 5% TCS will be applied to customers who do not provide a declaration or did not file a tax return for the previous fiscal year on time. The declaration form collects information from the customer such as their turnover amount, tax deduction number, confirmation of previous tax return filing, and TDS/TCS status.
The document outlines new requirements under Indian tax law for customers with annual turnover over Rs. 10 crores regarding the deduction of tax at source (TDS) at 0.1% of payments over Rs. 50 lacs annually or collection of tax at source (TCS) at 0.1% for other customers. It notes that a 5% TCS will be applied to customers who do not provide a declaration or did not file a tax return for the previous fiscal year on time. The declaration form collects information from the customer such as their turnover amount, tax deduction number, confirmation of previous tax return filing, and TDS/TCS status.
The document outlines new requirements under Indian tax law for customers with annual turnover over Rs. 10 crores regarding the deduction of tax at source (TDS) at 0.1% of payments over Rs. 50 lacs annually or collection of tax at source (TCS) at 0.1% for other customers. It notes that a 5% TCS will be applied to customers who do not provide a declaration or did not file a tax return for the previous fiscal year on time. The declaration form collects information from the customer such as their turnover amount, tax deduction number, confirmation of previous tax return filing, and TDS/TCS status.
The document outlines new requirements under Indian tax law for customers with annual turnover over Rs. 10 crores regarding the deduction of tax at source (TDS) at 0.1% of payments over Rs. 50 lacs annually or collection of tax at source (TCS) at 0.1% for other customers. It notes that a 5% TCS will be applied to customers who do not provide a declaration or did not file a tax return for the previous fiscal year on time. The declaration form collects information from the customer such as their turnover amount, tax deduction number, confirmation of previous tax return filing, and TDS/TCS status.
(Pursuant to Section 194Q & 206C of Income Tax Act, 1961)
Amendment to the Income Tax Act w.e.f. 1st July 2021 requires the buyer having turnover above Rs.10 crores to deduct TDS @ 0.10% on payments made above Rs.50 lacs every financial year. For other customers (i.e. less than Rs.10 crores) and those who will not apply TDS we will apply TCS @ 0.10% on invoice.
If we do not receive the below correct declaration and/or if the customer is found not to have filed the return for FY 2020-21 within due date then will apply 5% TCS on all such customers
Once TCS collected and TCS return is filed we will not amend the return any more as the customer will be entitled to set-off of TCS appearing in their Form 26AS.
We have filed our IT return for FY 2020-21 within due date and acknowledgement number of the same is 324542430110322, so TDS if applicable, has to be deducted @ 0.10 %.
NUVOCO VISTAS CORP LTD
DECLARATION
Name of the Customer JAYANTA KUMAR HOTA
Name and Designation of the Authorised JAYANTA KUMAR HOTA Signatory providing the declaration PAN of customer AAEHJ2407A
SAP Customer Number (For Existing Customers
available on invoice)
1. We hereby declare that turnover of the business carried on by us for Financial Year 2022-23 is likely to be above Rs.10 crores and we would deduct TDS u/s 194Q if applicable
NO YES
2. Our TAN (mandatory for turnover above Rs.10 crores) Click here to enter text.
3. We declare that we have filed our IT return for FY 2020-21 within due date NO YES
4. TDS / TCS status
Total TDS / TCS for FY 2020-21 exceeds ₹ 50,000/- Total TDS / TCS for FY 2020-21 does not exceeds ₹ 50,000/-
`I / we further declare that information furnished above is correct. In case any part of the above declaration is untrue / false, we undertake to indemnify the Company and the Company shall recover the amount from us.
