Latest Expert Exchange Queries

Make your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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: cpt :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: form 3cd :: ACCOUNTING STANDARD :: due date for vat payment :: VAT RATES :: empanelment :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: VAT Audit
 
 
Direct Tax »
 CBDT clarification on Ind-AS makes tax calculation harder for companies
 I-T department to share companies' tax info with corporate ministry
 CBDT comes out with clarification on MAT for Ind AS companies
 No penalty for late ITR this year but here are 4 important reasons to file it in time
 12% growth in income tax collection
 CBDT gameplan to enhance TDS collection
 Don't curry political favours for transfers, CBDT tells taxmen
 CBDT: GST not to be added for TDS computation
 Five interest incomes you are likely to forget to include in your tax return
 GST not to be added for TDS computation
 GST not to be added for TDS computation

Income Tax department to scan salary slips of top executives for TDS
June, 05th 2013

Income Tax department has decided to scan the salary structure of top executives of large corporates and PSUs to examine hidden tax opportunities in the perks and reimbursements made to them.

The department, during its recent deliberations with top I-T and CBDT officials here, decided to strengthen its Tax Deducted at Source (TDS) obtained from salaries of employees, regime in order to collect more revenue under this category.

The department is particularly bolstered by the fact that a big chunk of 41 per cent, in the total tax collections in the last fiscal, came from the TDS category alone. During financial year 2012-13, Rs 2,30,188 crore tax was collected under the TDS category while the total direct taxes collections stood at 5,58,970 crore.

The department has tasked its TDS collection offices to focus on the "full salary structure" of top executives of big companies, Public Sector Units and those firms which employ a large workforce.

The Central Board of Direct Taxes (CBDT) also asked its TDS commissioners to check the categorisation of certain employees in these firms as "consultants" and look for taxing opportunities in the allowances, perks and reimbursements made to them.

Not only employers, the department now plans to mount effective vigil to obtain TDS tax from universities and educational institutions which make payments to guest lecturers. Payments made to event managers and to medical transcription companies will also be brought under strict regulation of TDS, a senior I-T official said.

"This will be done under 194J of the I-T Act which deals with fees for technical or professional services," the official said.

The department will also ensure collection Tax Collected at Source (TCS) from buyers of scrap and mineral companies at the rate of 1 per cent while the rate would be 2 per cent in this category for awarding the lease for parking lots and toll plazas.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Privacy Policy

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