TDS & Remuneration Planning
The Finance Act, 2019 and CGST Act, 2017 have made significant changes for persons involved in tax deduction and administration of GST in a company.
All important changes affecting corporate tax, personal tax, TDS, remuneration planning, perquisite taxation for TDS and GST, taxation of retirement benefits will be discussed in the interactive workshop.
Besides these changes, We will discuss TDS under section 192, 192A, 194C, 194-I, 194-IA, 194-IB,194J and 195, contemporary issues on TDS (including correction statements pertaining to quarterly TDS returns).
GST on Perk/perquisite provided to employees
- Whether perk/perquisite provided to employees in the course of employment is “supply” under GST.
- What are the perks given by employer which will attract GST?
- What is the different between gift or a reward and whether reward should attract GST or should be treated as a performance Bonu s in nature of salary?
- Can personal use of company cars be treated as a service and whether it will attract GST?
- Will companies be able to claim input tax credit on Intracompany ‘transactions’?
TDS on Salary under section 192
- Obligation of employer under section 192.
- Estimation of employees’ salary. Other incomes of employees. Losses declared by employees.
- Form No. 12BB,Form No. 12BA
- Preparation of Form No. 16 in different situations – When an employee has joined or left during a financial year, details of other incomes/loss of employees in Form No. 16, details of tax deducted by others in respect of other income reported by employees in Form No. 16.
- Employers’ obligation in respect of computation of relief under section 89 and providing deduction under sections 80C to 80U.
- Quarterly return in Form No. 24Q in electronic format.
- Time limit for payment of TDS to the government
- Employee needs to provide all the documents related to deductions as well as other income for proper computation of TDS
- TDS & taxation of retirement benefits ( Gratuity, Leave Encashment, Provident Fund , Pension and voluntary retirement)
TDS on payments other than salary
- TDS under section 194C, 194DA, 194-I, 194-IA, 194-IB, 194J, 194IC (introduced from 01-04-2017),194LA, 194LC/D, 195
- Consequences of TDS defaults
- Forms for lower or no deduction of TDS under Section 197
- Details about changes in Sections 206c(1D) and 206C(1F)
Contemporary issues in TDS
- Penalty under Sections 234E and 271H
- TDS default and consequences of subsequent payment by deductee
- Refund of TDS
- Revised quarterly TDS/TCS returns
- Impact of section 206AA.
- Implication of section 206AA in respect of deduction of tax under different provisions including oversea s payments.
- Preparationand filing of e-TDS Return
- Interest under Section 244A
- Importance of PAN while calculating TDS
E-filing of Revised TDS returns/Correction Statement
- Online rectification of TDS
- Taxation on gratuity, leave encashment, pension, provident fund, VRS payments.
- Tax liabili ty under new pension scheme.
- Tax planning devices including investment planning.
Tax on perquisites and Remuneration Planning with Tax Provisions
- Remuneration planning to minimize employees’ tax liabili ty.
- Restructuring of present remuneration plan keeping in view present and future tax liabili ty of employees.
- Tax on different perquisites provided to employees (like – rent-f ree/concessional accommo dation, car, driver, educatio n, domestic servant, interest-f ree/concessional lo an, sweat equity shares, touring/trave lling facility, gift, clu b facility, credit card facility, meal vouchers, refreshments, use of movable assets, transfer of movable assets, medical facility, leave trave l concession).
- Tax-f ree perquisites.
- Tax planning devices – How to convert within legal parameter a taxable perquisite into tax-f ree perquisite or perquisite taxable at concessional rate.
- Documentation required for including perquisites while calculating TDS
Programme will be based on Case studies and questions answers
Modification in the format of Form No. 16 (Part B) and Form No. 24Q (Annexure II)
Format of Form No. 16 (Part B) and Form No. 24Q (Annexure II) has been amended by CBDT on April 12, 2019 (applicable with effect from May 12, 2019). Consequences of these amendments pertaining to generation of Form No. 16 and uploading of Form No. 24Q for the financial year 2018-19 will be discussed by Dr. Vinod K. Singhania in the seminar.
Consequently, a few amendments are required for the financial year 2019-20 in the format of different declarations (which are taken from employees) for correctly giving exemptions under different clauses of section 10 and deduction different sections of Chapter VI-A. These consequential modifications will be discussed along with case studies.
- HRD Department and
- All those who are concerned with Tax Deduction at Source and Financial Management Decisions.
- In our company, employees get free gift (g., gold coins, garments manufactured by our company, etc.) on the occasion of Diwali. Where confused whether these are treated as “supply” and GST is applicable. In some cases, value of these gifts exceed Rs. 50,000.
- Section 15 of CGST Act defines “related person” and employer and employees are treated as related persons. Any supply by employer to employee would be treated as supply between related persons and accordingly market value (not transaction value) will be subject to GST. Our company is a company in manufacturing of art paper in Andhra Pradesh. We have 210 employees. Whether we are confused on different perquisites extended to employees GST will be applicable. Can it be recovered from employees ?
- Canteen facility is provided to all employees during officer hours (nothing is recovered from employees). Whether GST is applicable ?
- Hotel bills are reimbursed to marketing staff. We do not know whether GST is applicable on reimbursement.
- Mobile phones are given to employees after every 3 years. Whether GST is applicable.
- At the time of relocation of an employee, our company provides reimbursement of travelling expenditure. Besides, reimbursement is also available for transportation of house-hold goods. What is GST liability ?
- Our company transfers used computers/laptops to employees on nominal charges. These computer/laptops are transferred after 3 years. How GST would be charged on these supplies to employees ?
- Our company has car lease scheme. EMI is paid by company. Car is generally transferred to the concerned employee after 4-5 years. What is the GST liability at the time of
- We provide cars to senior employees for official and private use. Entire expenditure is borne by the company. Is there any involvement of GST ?
- Company provides rent-free furnished accommodation to some of the employees. These buildings are owned by the company. What is GST incidents in this case ?
- Leased accommodation is provided to employees. Company is tenant under the agreement. A nominal sum is recovered from the concerned employee. How GST would be
- Our company has created a fund for providing recreational activities (such as offsite, town hall, etc.) for the benefit of employees. Sometimes, even family members are invited. How GST liability would be calculated ?
- Our company provides free gym and crèche facility to all employees. This facility is made available in a separate building near the corporate office. Discuss whether GST is applicable on this supply to employees ?
- For pursuing higher studies/corporate education, reimbursement is given to employees. This reimbursement is given under corporate education policy of the company. Sometimes, reimbursement exceeds Rs. 50,000 per annum. Whether GST is applicable ?
- Our company provides health check-up facility to employees. Entire expenditure is borne by the company. Nothing is recovered from employees. Whether GST is involved ?
- Company takes personal group insurance/health insurance for the benefit of employees. We are confused whether GST is applicable ?
Timings: 9:15 am – 5:00 pm, Registration begins at 9:00 am
How to Register:
• Fees: Rs. 9,500/- + 18% GST per person.
• Please write to- email@example.com / Call -022 67256200
• Fees includes lunch, tea, course material etc.
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