Key Points
TDS/TCS on purchase/sale of goods It is recommended that the TDS provisions of section 194Q and TCS provisions of section 206C(1H) be made applicable only to payees or payers who are not registered with GST..
Furthermore, the reporting of TDS under section 194Q or TCS under section 206C(1H) in quarterly TDS/TCS statements should include invoice wise break up with invoice dates such that it is reflected in Form 26AS/AIS of the taxpayer and facilitates automated reconciliation with books of account...
It is suggested that the time limit for filing revised returns should be extended at least till end of assessment year to enable taxpayers to claim/modify foreign tax credit in line with extended time limit available for furnishing Form 67 to claim such credit...
Instructions may be given to CPC to clarify that adjustments in respect of disallowance of expenditure or increase in income indicated in audit report can be made only in respect of patently disallowable items or inadvertently missed incomes after affording proper opportunity of hearing to taxpayer..
Rule 12(i) which prohibits personal appearance before CPC may be amended to permit personal appearance through video conferencing for the limited purposes of explaining why proposed adjustment or rectification prejudicial to the taxpayer should not be made.. Rectified applications or rectified return of income filed electronically should be disposed off within reasonable time which will surely eliminate the need to unnecessarily approach the appellate authorities seeking redressal of the unwarranted adjustments..
