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: empanelment :: VAT Audit :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: VAT RATES :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: TDS :: list of goods taxed at 4% :: due date for vat payment :: cpt :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd
 
 
« News Headlines »
 Filing of online return for 4th quarter of 2016-17 — extension of period thereof
 CBDT simplifies ITR filing process from FY18
 Govt extends service tax return filing date to April 30
 No move to tax farm income, clarifies Arun Jaitley
 New board for indirect taxes to become operational from June 1
  9 changes that came into effect from April 1
 First time filing income tax? Here's all you need to know about Form 16 and Form 26AS
 New Opening Financial Controller Chartered Accountant (Manufacturing Plant) A Leading Company
 Income Tax Filing 2017: All you want to know about the single page ITR form SAHAJ
 How to benefit from investments in tax saving mutual funds
 60 per cent of income tax notices on fishy cash deposits returned

I-T department to set up body for collection of TDS
April, 17th 2007

The Income Tax department will set up commissionerates for tax deducted at source (TDS) in the country to deepen coverage and check tax evasion. 
 
There are huge revenue leakages due tax deducted not getting reported, and sometimes no deduction at source in many cases because of being inadequately informed on tax matters, a finance ministry source said. 
 
The ministry is taking immediate action to create a proper TDS structure by strengthening existing TDS commissionerates and opening new ones in all metro and tier II cities. 
 
All the commissionerates will also file the TDS data electronically, so that such information is verified with the tax returns filed by tax payers. 
 
A lot of state autonomous bodies, working for profits, are not filing TDS returns, the source said. Similarly, a company or individual, who is filing TDS for service provided in Delhi, is not reporting TDS paid at a non-metro place. That is because they are unable to get a TDS certificate for tax paid at those locations. 
 
This results in tax leakage as the same is misappropriated. 
 
Besides strengthening of TDS mechanism, surveys will be conducted to find out evasion of TDS, which the department has found very helpful to detect tax evasion. 
 
According to sources, 4-5 years back the department found that British Airways, Maruti and some Korean car majors were paying some of their staff partly in rupee and partly in foreign currency. 
 
There was a recovery of Rs 600 crore after survey as under Indian laws, the TDS must be on the entire remuneration if services are provided here. 
 
At the moment, only six commissionerates are there : New Delhi, Mumbai, Kolkata, Chennai, Hyderabad and Bangalore. Hyderabad and Bangalore were added in the last one year only. 
 
The proposed new commissionerates will come at cities like Pune, Ahmedabad, Chandigarh and all other state capital cities, sources said. 
 
The department is in the process of recruiting 760 inspectors and tax assistants while 40 officers will be appointed as Income Tax Officers through internal promotions to handle TDS commissionerates. More recruitment will also be made as and when new offices are set up. 
 
The department will take steps to ensure that TDS is collected on all transactions specified and at the right tax rate. 
 
A huge jump in revenue collections will come from TDS going forward, sources said. 
 
About 40 per cent of the direct tax collections or Rs 92,000 crore is collected under TDS mechanism. 
 
The total direct tax collection is expected to cross Rs 230,000 crore in 2006-07.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Reengineering Software Re-engineering Software Reverse Engineering Software Reverse Development Software Change Modulation Software Conversion Software Re-creation Software Re-development

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