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: articles on VAT and GST in India :: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit :: cpt :: VAT RATES :: TDS :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: form 3cd :: Central Excise rule to resale the machines to a new company :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4%
 
 
« Direct Tax »
 Can we measure demonetisation’s impact on income tax collections?
 CBDT signs 2 more advance pricing pacts
 Income tax returns: How to calculate income from house property
 CBDT proposes new accounting standards for real estate firms
 1 lakh entities face I-T action as ‘clean money’ drive gains pace
 Here are 4 things to know about how CBDT improves ease of doing business by issuing PAN and TAN within 1 day
 Online platforms make tax filing easy, help fill details automatically
 Delhi HC refuses to stay tax case against Young Indian
 CBDT issues draft ICDS on real estate
 CBDT chairman Sushil Chandra gets one-year extensiona
 Income-tax (9th Amendment) Rules, 2017? - Amendment of Income-tax Rules, 1962 - Prescribing form & manner of exercise of option by the domestic company for the purposes of section 115BA of the Income-tax Act, 1961-reg

Income Tax department to take steps to boost TDS collections
June, 23rd 2016

Buoyed by a steady growth in collections from tax deducted at source (TDS), the Income Tax department now plans to undertake multiple steps to "augment" revenue from this category and minimise tax avoidance.

The department plans to undertake meetings with various stakeholders like company deductors and chartered accountants to ensure that due taxes under this category are deposited accurately and on time.

According to a strategy paper prepared by the department in this regard for financial year 2016-17, the Central Board of Direct Taxes (CBDT) has said work should be done to bolster the figures as TDS is a "non-obtrusive but powerful instrument to prevent tax evasion as well as to expand the tax net."

"TDS also minimises tax avoidance by the taxpayer (income earners), as the payee's transaction(s) are reported to the department by a third person. The contribution of TDS to the overall gross direct taxes collections during financial year 2015-16 was Rs 3,25,000 crore (provisional) with a growth of 11.64 per cent over an amount of Rs 2,91,096 crore collected during FY 2014-15," it said.

As per official figures, TDS contributes 37 per cent to the gross direct taxes collections that "emphasises" its ever-growing importance in the total volume of direct taxes collection in the country.

"The strategy to augment revenue through TDS ought to be a mix of enforcement, capacity-building and leveraging of information that is now available with the department through the Central Processing Centre for TDS," it said.

The department has asked the taxman to also "monitor" both private as well as government sectors to ensure that correct TDS is deducted by the deductors and remitted in the department's coffers in time.

"A full-fledged CPC that works on electronically-fed data will support the taxman in ensuring better TDS collections," a senior IT official said.

The CBDT has instructed the TDS officers to also launch prosecution against the defaulters in "appropriate" cases.

"On the spot verifications, including surveys, reveal that either the deductor has not been deducting the tax at all or has been deducting at low rates. In appropriate cases, initiation of penalty proceeding under Section 271C (penalty for failure to deduct tax at source) of IT Act is warranted to dissuade the deductor from indulging in such exercise that has a direct bearing on tax revenue," it said.

 
 
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