From 1st June, 2015, many amendments are coming into effect. Complying of such amendments are mandatory from the effective date. As we know that these days laws are becoming stringent, we need to be very cautious in following and applying all the provisions from appropriate date. If provisions not followed as per law then heavy penalty shall be imposed on taxpayers. Hence, we need to be very careful from June 1.    In our previous article Things to note before you, deduct TDS from 1st June, we laid down the TDS provision. We are here again to highlight provisions which are effective from 1st June, 2015: Interest from Bank/Cooperative Bank and Post Office RD recurring deposits exceeds Rs. 10000 per year shall be liable to TDS. If PAN not available then TDS shall be @ 20%. Any transaction in real estate including agricultural land shall be required to be made through account payee cheque or rtgs if transaction amount is Rs. 20000/- or more. Exception: Only such farmers are free from this if purchaser and seller both of them have agricultural income only and not any other income chargeable to income tax i.e. both of them should not have any income like interest/rent/salary etc. even of one rupee. Penalty: If transaction done in cash then penalty of an amount equal to such cash transaction shall be imposed on seller, who accepts cash or the seller of property makes refund of advance in cash. Payment for purchase of fridge, TV, car, jewellery by consumers of such goods may be made in cash or cheque. Where payment exceeds Rs. 1 Lakh then PAN of buyer shall mandatorily be quoted. Note: In case payment for jewellery exceeds Rs. 5 Lakh and even a cash transaction of any amount therein, then TCS @1% shall be deducted. CBDT has not yet made any circular or rule regarding quoting of PAN for transaction of movable properties exceeding Rs. 1 Lakh. In case of payment of transport freight at a single transaction of more than Rs. 30000/- or of more than Rs. 75000/- in a year then TDS to be deducted @ 1% and in case of recipient being firm or a company then TDS @ 2% shall be deducted. Note: If the recipient own 10 or less goods carriage, the recipient may give a declaration to this effect then TDS shall not be deducted even if payment exceeds the threshold of Rs.30000 / Rs.75000. Till date, Income Tax Rules have not been notified for 2015 therefore, format of declaration to be obtained in case of 10 or less truck has not been notified. Thus, until specified format comes self declaration from truck owner can be obtained. If any payment made by any person to a non-resident, (not being a company) or to a foreign company any sum whether or not chargeable to income tax shall furnish form No. 15CA & 15CB. Earlier, only income chargeable to income tax in India had to be reported but now all payments are covered. Penalty: If such information is not furnished or the information furnished is inaccurate then U/s 271-I penalty of Rs. 1 Lakh may be imposed. Income Tax Department under Section 200A can levy late fee U/s 234E @ Rs. 200/- per day on delayed filing of TDS return. Up to 31st March, 2015 Income tax department has no power to process TDS return U/s 200A to levy TDS late fee U/s 234E. Note: If any late fee is levied before 1st June, 2015 appeal can be filed for this or rectification application U/s 154 can be filed to get it cancelled. Till date if due to mistake any late fee U/s 234E is paid then refund will be granted of such excess late fee. For any assistance visit: _________________________________________________________________________________________