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TDS & Remuneration Planning with Budget 2018 Changes

Address: Barakhamba Avenue, Near Modern School, Connaught Place Fire Brigade Lane, Barakhamba New Delhi, Delhi 110001

  Introduction    Significant changes have been made in the last few months to stimulate economic growth. Implementation of these initiatives will have far reaching implications both at macro and micro level. Besides, the Finance Act, 2017 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, retirement benefits will be discussed in the interactive conference. Besides these changes, 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) will be discussed.   Programme Schedule   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 bonus 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’? Finance Bill, 2018 Important amendments pertaining to corporate tax, personal tax, tax deduction/collection at source made by the Finance Bill, 2018. Tax planning devices pertaining to aforesaid amendments. 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 on payments other than salary TDS under section 194C TDS under section 194DA TDS under section 194-I TDS under section 194-IA TDS under section 194-IB TDS under section 194J TDS under section 194IC introduced from 01-04-2017 TDS under section 194LA TDS under section 194LC/D TDS under section 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) Tax on perquisites and Remuneration Planning with Tax Provisions Remuneration planning to minimize employees’ tax liability. Restructuring of present remuneration plan keeping in view present and future tax liability of employees. Tax on different perquisites provided to employees (like – rent-free/concessional accommodation, car, driver, education, domestic servant, interest-free/concessional loan, sweat equity shares, touring/travelling facility, gift, club facility, credit card facility, meal vouchers, refreshments, use of movable assets, transfer of movable assets, medical facility, leave travel concession). Tax-free perquisites. Tax planning devices – How to convert within legal parameter a taxable perquisite into tax-free perquisite or perquisite taxable at concessional rate. Documentation required for including perquisites while calculating TDS Retirement benefits Taxation on gratuity, leave encashment, pension, provident fund, VRS payments. Tax liability under new pension scheme. Tax planning devices including investment planning. 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 overseas 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 Case studies and question answers   Managers/Senior Executives  from Finance, Accounts, HRD Department and All those who are concerned with Tax Deduction at Source and Financial Management   Decisions. Target Audience Managers/Senior Executives  from Finance, Accounts, HRD Department and All those who are concerned with Tax Deduction at Source and Financial Management   Decisions. Queries 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 oftransfer ? 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 becalculated ? 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 ? Testimonials “I gained lot of knowledge on TDS, GST & Remuneration Planning.“   Mr  Shalu Batra – Manager- Human capital – Max India Ltd “A broad view of pay structuring, taxation on salary. Brief knowledge on implication of GST on employees benefits.“   Mr R V Ganesan – DGM (finance) – Aker Solutions Pvt. Ltd. “New & latest rules of Income Tax (Finance Bill 2017) were known. The speaker has good experienced that all topics GST/ Income tax were revised.“   Mr Sanjay Tuli – Sr. Finance Executive – Centre for Development of Telematics “Detailed clarity on perquisites/ salaries. GST liability applicability on employees.“   Mr D L Savla – Chief Manager Finance – Associated Cables Pvt. Ltd. “Specially TDS & GST applicable on perquisites. It gives the idea on re-statutory compensations.“   Mr Hilary Almeida – Manager payroll – Shoppers Stop Ltd. “Recent amendments in Tax laws. GST applicability on payments to employees.“   Mr Rakesh Jakhmola – Sr. Manager payroll – Navin Fluorine International Ltd.


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