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Q1 Mr. Gajendra, a business owner, failed to comply with Tax Deducted at Source (TDS) provisions, leading to the disallowance of 30% of royalty payments to Mr. Bani and 30% of employee salaries during the computation of business income for AY 2023–2024. The royalty payment’s TDS was deducted but not deposited on time, while salaries were paid without deducting TDS as required under Section 192. Analyze the impact of this non-compliance on the firm’s tax liability and financial statements. How could better TDS management have prevented these disallowances? Propose strategies to strengthen TDS compliance and mitigate future risks.
Q2 XYZ Pvt. Ltd. operates across multiple states, dealing with both direct and indirect taxes. The company’s payroll involves TDS deductions, while its product pricing includes GST. The management is concerned about the impact of TDS on employee cash flows and how indirect taxes influence consumer behavior. As a consultant of XYZ Pvt. Ltd. analyze the differences between direct and indirect taxes, and explain how TDS fits into the taxation system?
Q3 (A) XYZ Ltd. regularly pays consultants and vendors for professional services. In one instance, the company failed to deduct Tax Deducted at Source (TDS) on a Rs.50,000 payment. As a result, a portion of the expense was disallowed during tax assessment, increasing the company’s tax liability. Explain the role of TDS in ensuring compliance with tax laws and its effect on tax evasion. (5 Marks)
Q3 (B) ABC Pvt. Ltd. has recently started making monthly rent payments of Rs.50,000. To comply with tax regulations, the company must manage its TDS obligations accurately. After obtaining a TAN, the company deducts tax at the applicable rate and deposits it with the government. Analyze the importance of obtaining a TAN for ABC Pvt. Ltd. Explain the process of obtaining a TAN and its role in the TDS system.
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