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: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: due date for vat payment :: VAT Audit :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: VAT RATES :: empanelment :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: TDS
 
 
« General »
  Withdrawal of Legal Tender Character of the existing Bank Notes in the denominations of ₹ 500/- and ₹ 1000/- (Updated as on November 30, 2016)
 Cases for tax scrutiny will be selected by machines
 Time to revisit 1997 direct tax rates, says P Chidambaram
 Lok Sabha passes Bill to tax black money deposits post demonetisation
 Last day to pay property tax with old notes
 Income tax department asks IDS declarants to pay tax by 30 November
 Why PM Narendra Modi must beware of the breathtaking Arthakranti tax
 Japanese firms seek easing of restrictions on funding in India
 Tax on black money: How the cookie will crumble
 Income tax officials say raids on jewellers based on 'credible intelligence' proving fruitful
 Exchange window being misused, government forced to reduce limit to Rs 2000, says Arun Jaitley

Third party administrators under watch for TDS default
February, 05th 2009

Third Party Administrators(TPA) have come under the Income-Tax departments scanner for not deducting tax at source (TDS) on the
payments they make to hospitals. TPAs act as middlemen between employers, insurance companies and hospitals. They process insurance claims and carry out all other administrative work for them.

With the overall tax collections growing at a slower pace of 13.21% as against the required rate of 20% to achieve the budget target, the Income-Tax department has now turned its focus on TDS compliance. The department is carrying out extensive surveys on TPAs and hospitals after they were found defaulting on tax payments.

While in some cases TDS was not being cut altogether, in some cases it was found to have been deducted at a lower rate, an official from the tax department explained. TPAs make payments to hospitals for treatment of subscribers of medical insurance providers in cashless system. These payments to doctors and hospitals are covered under Section 194J of I-T Act. TDS rate applicable under this section is 10%.

In come cases, hospitals were found to be camouflaging salary payments to doctors as payments for professional services which attracts a lower TDS rate of 10%. In the case of salaries, the deduction is made at the rate of 20%. The official said the departments emphasis on TDS has already begun to show results and the collections could go up further with focused surveys on select sectors.

The governments TDS collections for corporate taxes grew 41.1% to Rs 50,252 crore in April-January 2008-09 as against Rs 35,615 crore in the same period last year. For personal income tax, TDS collections jumped 20.6% to Rs 54,099 crore in the period under review as against Rs 44,870 crore last year.

Compared to TDS collections, corporate tax collections grew at 17.32% to Rs 157,039 crore in April-January 2008-09 from Rs 1,33,851 crore in the same period last year. Personal income tax, including fringe benefit tax, securities transaction tax and banking cash transaction tax, grew at 6.71% to Rs 90,010 crore in the period under review as against Rs 84,349 crore in previous fiscal.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Article Management Solutions System Article Management Software S

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