Entries from June 2010 ↓


The Central Board of Direct Taxes (CBDT) have amended the Rules relating to TDS provisions date and mode of payment of tax deducted at source (TDS), TDS certificate and filing of ‘statement of TDS’ (TDS return) vide Notification No.41/2010; SO No.1261(E) dated 31.05.2010.

The amended rules will apply only in respect of tax deducted on or after 1st day of April 2010.

Forms for TDS certificate have been revised to include the receipt number of the TDS return filed by the deductor. Now the Tax-deduction Account Number (TAN) of the deductor, Permanent Account Number (PAN) of the deductee, and Receipt number of TDS return filed by the deductor will form the unique identification for allowing tax credit claimed by the taxpayer in his income-tax return.

Government Authorities (Pay and Accounts Officer or Treasury Officer or Cheque Drawing and Disbursing Officer) responsible for crediting tax deducted at source to the credit of the Central Government by book-entry are now required to electronically file a monthly statement in a new Form No. 24G containing details of credit of TDS to the agency authorised by the Director General of Income-tax (Systems).

Due date for furnishing TDS return for the last quarter of the financial year has been modified to 15th May (from earlier 15th June). The revised due dates for furnishing TDS return are

Sl.No. Date of ending of the quarter of the f.y. Due date
1. 30th June 15th July of the financial year
2. 30th September 15th October of the financial year
3. 31st December 15th January of the financial year
4. 31st March 15th May of the financial year Immediately following the financial year in which deduction is made

Due date for furnishing TDS certificate to the employee or deductee or payee is revised as under

Sl.No. Category Periodicity of furnishing TDS certificate Due date
1. Salary (Form


Annual By 31st day of May of the financial year immediately following the financial year in which the income was paid and tax deducted

2. Non-Salary

(Form No.16A)

Quarterly Within fifteen days from the due date for

furnishing the ‘statement of TDS’


Company Law Settlement Scheme, 2010

The Ministry of Corporate Affairs has come out again with the much awaited Company Law Settlement Scheme in exercise of its powers under Section 611(2) and 637B (b) of the Companies Act, 1956 “Company Law Settlement Scheme, 2010.

Under the scheme an opportunity is given to the defaulting companies to make their default good by filing belated documents and to become regular compliant in future.

Reliefs provided in scheme are:

  1. Condoning the delay in filing documents with the Registrar.
  2. Granting immunity from prosecution and
  3. Charging additional fee of 25 percent of actual additional fee payable for filing belated documents under the Companies Act,1956 and the rules made there under.

Defaulting company shall mean a company registered under the Companies Act, 1956 and a foreign company falling under section 591 of the Act, which has made a default in filing of documents on the due date(s) specified under the Companies Act, 1956 and rules made there under;

The scheme is valid from 30th May, 2010 to 31st August, 2010.

The Scheme shall not apply to following:

  1. Filing of documents for incorporation or establishment of place of business in India
  2. Where specific order for condonation of delay or prior approval under the provisions of the Companies Act, 1956 is to be obtained from the Company Law Board or the Central Government or Court or any other Competent Authority is required.
  3. Companies against which action under sub-section (5) of section 560 of the Act has been initiated by the Registrar of Companies
  4. Any defaulting private company or public company which has not increased its paid capital up to the threshold limit of rupees one lakh and rupees five lakh respectively as provided in sub section (3) and (4) of section 3 of the Companies Act, 1956.

How the Scheme will function

  • The defaulting company shall pay statutory filing fees as prescribed under the Companies Act and rules made there under along with an additional fee of 25 percent of the actual additional fee standardized under sub-section (2) of Section 611 of the companies Act, 1956,payable on the date of filing of each belated document;
  • The application for seeking immunity in respect of belated documents shall be made electronically in the Prescribed Form.