Nagpur: Nag Vidarbha Chamber of Commerce (NVCC) an apex body of traders and trade associations from VidarbhaRegion in its 7th Executive Committee Meeting conducted an informative and interactive session on TDS provision under Income Tax Act, Satish Goyal, Commissioner Income Tax (TDS), Nagpur was the keynote speakers on the occasion.
Satish Goyal explaining the provisions of Tax Deducted at Source (TDS) under Income Tax Act,he also elaborated the amendments made in Union Budget 2018. In his guidance to members he stressed that – Form 27C issued Timber Merchants, for availing exemption from TCS, without having any manufacturing activity is wrong on their part, department is verification of declaration; for Transporters he said that commission agents are not eligible to give declaration for nil deduction of TDS; for Builders & Developers he said that whenever Joint Development Agreement is executed they are required to deduct tax under section 194IC before payment of consideration amount; for HUF and individuals and he said that they are also required to deduct tax if they are paying rent above Rs. 50000 per month. He patiently answered all questions’ asked by members in question and answer session.
Earlier, NVCC PresidentHemant Gandhi, Satish Goyal (Commissioner IT (TDS), with shawal, shreephal& bouquet and the guest was inintroduced by Girish Mundada, Convenor of NVCC’s Direct/Indirect Tax sub committee.
Hemant Gandhi in his concluding remarksappealed to business community to comply with the provisions of TDS and contribute their share in nation building. The program was conducted by Secretary, Sanjay K. Agrawal and vote of thanks was proposed by Jt. Secretary, FaroiqueAkbani.
Prominently present were Sarvashri Past President – GovindlalSarda, Jagdish Bang, Dipen Agrawal, MayurPachmatia, Vice President – ArjundasAhuja, Raju Vyas, AshwinMehadia, Treasurer – SachinPuniyani, Joint Secretary –Umesh Patel, PRO – Shabbar Sakir, Executive Committee Memebers – DnyaneshwarRakshak, Gajanan Gupta, ManoharSahajramani, MonojLaturia, Pratap Motwani, RajanAgrawal, Rajesh Thakkar, Rajubhai Makhija, SwapnilAhirkar, SantoshKabra, Suryakant Agrawal, Virendra Chandak, Ashok Sangvi, Satish Bang, Shankar Sugandh, Special Invitee – Alok Kumar Das, GajananMahajan, Mukundkumar Vyas, Narayan Toshniwal, Nikhil Agrawal, RakeshAhuja, Shripad Purushottawm Untawale, Umesh Shahu, Vijay Dahikar, Vijay Kewalramani, Vijay Chandak, Trade Representative – Amit Ashok Tyagi, Om Chokani, KishorThakkar, Narayan Dhingra, Ragunath Kendurkar, ShrikrishnaBanhatti, Rajendra Agrawal, Ram Khubchandani, Sanjay Gupta, Saqib Parekh, Shreekant Bhandarkar, SubhashAgrawal, Vijay Pote, Zoeb Abbas Ali were present.
