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: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4% :: ACCOUNTING STANDARD :: cpt :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: VAT RATES :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: VAT Audit :: articles on VAT and GST in India :: empanelment
 
 
Direct Tax »
 In some instances, filing of income tax return may not be mandatory
 Best 5 Income Tax-Saving SIP plans in India: How To save taxes by Investing in SIPs under 80C
 Tax refund checks are finally in the mail
 Income Tax dues in advance can be paid at RBI or at authorised bank branches by March 2017
 Why you must be looking beyond tax planning
 I-T dept. to lauch app for paying tax
 CBDT to taxman: Step up TDS survey operations to boost collections
 Tax Officers Asked To File Self-Appraisal Report On E-Assessment
 CBDT to taxman: Step up TDS survey ops to boost collections
 Govt to issue exemption list on new tax for unlisted firms
 CBDT issues third round of certificates to tax payers

CBDT calls meeting for review of tax, TDS collection this week
February, 05th 2015

CBDT will conduct a country-wide review of tax collection work, especially for TDS and arrears, later this week in order to shore up the direct tax revenue kitty for the financial year ending March 31.

Officials said Member (Revenue) in the Central Board of Direct Taxes, Atulesh Jindal, will hold a video conference meeting with the top brass of the Income Tax department on February 6 in order to review and fine tune the "strategy for meeting the budget collection targets particularly with regard to Tax Deducted at Source (TDS) collections."

During the meeting, the apex policy making body of the I-T department, will also analyse the payments or defaults made in case of top 300 TDS deductors in the country and "follow up action regarding launching/disposal of compounding applications in the case of TDS defaulters."

The meeting assumes significance as the CBDT is concerned over the shortfall in TDS collections as the growth under this head is less by 50 per cent this time as compared to the last period.

In the 2013-14 financial year the growth under this head was 16.73 per cent while in the current fiscal of 2014-15 the growth percentage is just 7.84 per cent.

The budgeted target under the direct tax category is fixed at Rs 7.36 lakh crore for the current fiscal (2014-15) and as per CBDT it has collected Rs 5,46,661 crore till January 23.

The meeting, according to sources, will also review the "position of current demand raised till January 31 in the case of TDS defaulters and recovery."

"The meeting will involve all the tax collection wings of the Income Tax department and it is being held as the current fiscal and the budget collection deadline is coming to an end next month. The meeting will specifically review TDS cases and instances of over Rs 1 crore default where tax deducted has not been deposited in the government account," a senior I-T officer said.

Cases of cash collection out of the total tax arrear demands will also be taken up during the meeting, the officer said.

As part of measures for augmenting TDS collections, the I-T department has decided to enhance prosecution action against large defaulters in this regard with the help of its specialised electronic database and processing centre created for this exclusive task called Central Processing Centre-TDS based in Ghaziabad in Uttar Pradesh.

The CBDT had issued directions in this regard to the tax department earlier.

The importance of TDS collections can be gauged from the fact that this category of tax has been contributing over 37 per cent to the gross direct tax collection, emphasising its ever-growing importance in the scheme of revenue collection under this domain.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Internet Marketing Website Marketing Internet Promotion Internet Marketing India Website Marketing India Internet Promotion India Internet Marketing Consultancy Website Marketing Consulta

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