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: list of goods taxed at 4% :: articles on VAT and GST in India :: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: form 3cd :: ACCOUNTING STANDARD :: cpt :: VAT Audit :: VAT RATES :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company
General »
 Banks warn share tax hike threatens Paris' post-Brexit appeal
 PMC may decide on property tax rebate for IT firms this week
 I-T Dept is giving out certificates of appreciation. Have you received yours?
 Government works on ironing out benefits refund mechanism for exportersa
  Tax officials are using an IDS provision to question transactions beyond six-year-limit
 Tax-free bonds rally like midcap funds
 Senior citizens do not have to pay advance tax on salary and interest income
 GST: Audit commissioners to get adjudication powers
 Interest on NRE rupee account can be exempt from tax under FEMA
 Impact of GST on Real Estate Sector
 GST regime: Tax payers allowed to take option of third-party interfaces

TDS collections touch record Rs 5,657 crore
May, 21st 2014

The TDS (tax deducted at source) collections of Income tax (I-T) department touched a new high at Rs 5,657 crore at the start of the current fiscal year, an increase of Rs 887 crore from the last year. The highest TDS collections came in from the state government employees which stood at Rs 437 crore.

TDS is one of the modes of collection of taxes, by which a certain percentage of amounts are deducted by a person at the time of making/crediting certain specific nature of payment to the other person and deducted amount is remitted to the government account.

I-T officials attribute the record collection to the strict approach with which they went on for collections and also tightening the grip on regular defaulters. "In case of the state government employees' salary, the concerned officials used to deposit TDS after the fiscal year began because of which it used to show only in next year's collections. This year we made sure it was deposited before the fiscal year began," said an I-T official.

Last year an amendment was brought where in if the TDS was not deposited in time, the amount would be deducted from the salary of drawing-cum-disbursing officer in the government. This is also one of the reasons that collections crossed Rs 5,000 crore this year.

TDS is mandatory on various income sources such as salary, interest, rent, commission, professional fees and lottery earnings. TDS also helps avoid tax evasion by making it compulsory for the payer to first deduct and then pay. I-T officials also collected Rs 33 crore from 208 defaulters in the 2013-14, almost double than 2012-13 when it collected Rs 17 crore from 60 defaulters.

Earlier this year, as many as 13 people from the state paid Rs 1 crore or more as advance tax including cricketers Ravindra Jadeja and Irfan Pathan.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Achievements

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