Vaishali Parth & Associates

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Happy Janmashtami 🙏🙏

&206CCA
Esteemed Member,
*Summary of Circular on Verifying if Vendor has Filed IT Returns for Previous 2 Years for Purpose of TDS Deduction*
Under Sec 206AB and 206CCA, the Deductor has to verify if the Vendor has filed the Return of Income for the Previous 2 years. If not, a higher rate of TDS will be applicable for that particular Vendor. The Income Tax and CBDT have enabled a new feature and clarified as follows:

i) A New Feature called “Compliance Check for Sec 206AB & 206CCA”will be enabled on the IT Website

ii) The IT Department has already compiled the list of persons who have complied with the provision, as before every compliance date (known as specified persons).

iii) The Deductor needs to check if the Vendor has complied by feeding the PAN Number.

iv) If it is confirmed the Vendor has complied, it is enough if the Deductor has noted the compliance once for each Financial Year. It _NEED NOT BE CHECKED BEFORE EACH TRANSACTION IF HE HAS COMPLIED._

v) Where a Vendor has not complied, the Deductor will check before each transaction as the Vendor will move out of the specified persons list only after compliance.

vi) Belated returns will also be valid compliances to be removed from the specified persons list if it is filed within the belated due date.

Positive news

Happy News

CBDT: Clause 30C & 44 of Tax Audit has been deferred till 31.03.2022.

CBDT defers *reporting on GAAR and GST in tax audit report (Form 3CD) to 31st March 2022.*
(Circular No. 05/2021)https://incometaxindia.gov.in/news/circular_no_5_2021.pdf

incometaxindia.gov.in

# lastdateoffilingincometaxreturn

of cheque of merged banks

*Discontinuation of Cheques of Merged Banks*

Dear All,
This is to alert you that the cheques & passbooks of the following merged banks will be invalid and will not be accepted in the banking system with effect from 01-Apr-2021.
1. Dena Bank
2. Vijaya Bank
3. Corporation Bank
4. Andhra Bank
5. Oriental Bank of Commerce (OBC)
6. United Bank
7. Syndicate Bank
8. Allahabad Bank

Your one or more bank account details, viz. account number, IFSC Code, MICR Code, branch address etc. have been changed due to merger of above listed banks.

To avoid inconvenience in future, I advice you to take the following action immediately:-
*_Please contact your bank and get the new cheque book and passbook at the earliest. Keep your old passbooks & cheque books safely._* Avoid last minute rush!!

Also, if your details like registered mobile number/ address/ nominee etc. are not added/updated, then do update the same too.

Once you receive your new passbook &/or cheque book, please update your bank details in all your financial instruments, i.e. Mutual Fund folios, Demat & trading accounts, Life Insurance policies, Income Tax account, FDs/RDs, PF accounts & other deposit accounts, Lockers, Gas agencies (if you are receiving subsidies) and all other places where your bank account needs to be updated. All these are beneficial, especially in cases like claiming survival benefits, maturity proceeds, redemptions etc.

Please share your old bank's cheque leaf name with account holder's name(s) & new bank's cheque leaf with account holder's name(s), both in original to get bank details updated in mutual funds folios.

The mergers are as follows:-
1. Dena Bank with Bank of Baroda
2. Vijaya Bank with Bank of Baroda
3. Corporation Bank with Union Bank of India
4. Andhra Bank with Union Bank of India
5. Oriental Bank of Commerce (OBC) with Punjab National Bank
6. United Bank with Punjab National Bank
7. Syndicate Bank with Canara Bank
8. Allahabad Bank with Indian Bank

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Advancetax #