Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: empanelment :: due date for vat payment :: cpt :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: VAT Audit :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: VAT RATES :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS
 
 
News Headlines »
 How to claim income tax refund
 How to time your buys to have best of two tax regimes
 Here's why you must always check Form 26AS before filing tax return
 Want to file your income tax return after June 30? Having Aadhaar card is a must
 Timeline for filing of tax returns extended by two months
 Top 5 common mistakes to avoid while filing your income tax returns
 GST rollout on July 1: Deadline for filing tax returns extended
 What is GST?
 Income-tax (15th Amendment) Rules, 2017?
 Banks get a breather as GST Council extends deadline for tax filing
 Income Tax filing: Your easy guide in 7 steps

I-T to tighten TDS norms for non-salaried
October, 11th 2006
The income tax department is set to tighten norms for deducting tax at source. The department, which had found laxity in filing of TDS returns, is moving to tighten the loopholes. The move could end the party for non-salaried tax payers like contractors, traders, small businessmen whose tax gets deducted at source when they receive payments from various sources and have refunds to claim. These tax payers, for whom working capital is a problem, will have their money locked up as they would have to wait for the refunds. Sources said the idea behind the move is to establish a trail and keep a tab on the flow of money. Unlike the quarterly instalments in which advance tax is paid by this category of assesses, TDS is a monthly pay out. The latter ensures a regular cash flow for the government, as against advance tax which comes only once in three months. They said compared with advance tax, TDS has the advantage of producing a paper trail. In any case, about 50% of the total direct tax collections come through the TDS route. With this in mind, the department is soon expected to send an instruction to its field formations to stick to the formula given in the rule 28A(A) of the Income Tax Act, 1961. For example, a government contractor does some work for which he receives a payment. This payment would be made after deducting tax. But, if the contractor gets a certificate from his assessing officer that he does not have a tax liability, then his TDS would not be deducted. The real problem is that assessing officers were found to be issuing certificates with zero or lower TDS rates. With such a certificate in hand, tax payers could escape from TDS net or get away with lower deduction. With the norms being tightened, non-salaried tax payers will have to shell out TDS as per the formula and this could result in their money remaining with the department longer as refund takes about 16 months. The issue had been highlighted at the conference of chief commissioners and director generals of income tax. The Central Board of Direct Taxes had also discussed it at its recent meeting after which it was decided to issue an instruction for assessing officers.
 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Outsourcing Company Offshore Software Outsourcing Software Outsourcing Company India Offshore Outsourcing Company India Software BPO Software Business Process Outsourcing Software Outsourcing India Offsho

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions