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 Tax and transparencya

Emphasis on tax collection by way of TDS
March, 17th 2009

Income-tax officer (headquarters) T R Rahman on Monday said tax collection by way of "tax deduction at source (TDS)" is one of the modes of collecting income tax from the assessees.

He said that such collection of tax is effected at the source when income arises or accrues. Hence, where any specified type of income arises or accrues to any one, the Income Tax Act enjoins on the payer of such income to deduct a stipulated percentage of such income by way of income tax and pay only the balance amount to the recipient of such income, Rahman said while addressing members of the Bihar Industries Association (BIA) here.

He said that the tax so deducted at source by the payer has to be deposited in the government treasury to the credit of Central government within the specified time. The tax so deducted from the income of the recipient is deemed to be payment of income tax by him at the time of his assessment, he said, adding income from several sources is subjected to tax deduction at source.

The concept of TDS is also used as an instrument in enlarging the tax base. Some of such income subjected to TDS are salary, interest, dividend, interest on securities, winnings from lottery, horse races, commission and brokerage
, rent, fees for professional and technical services, Rahman said.

 
 
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