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CBDT to simplify TDS
July, 22nd 2011

Board of Direct Taxes (CBDT) is contemplating several initiatives to make the Tax Deduction at Source (TDS) simple, efficient and assessee-friendly, according to Manjari Kacker, Member (Revenue), CBDT.

During an interactive meeting with financial experts from corporations organised by Indo-American Chamber of Commerce (IACC) here on Thursday,  Kacker said that direct tax administration would soon become more and more technology driven and e-filing of tax returns will be promoted for various categories of  tax payers.

She also mentioned about a single window clearance for assessees for correcting mismatches in TDS statements online, which presently entails time.

Kacker said that most of the problems in TDS emanate from either late filing of TDS or incorrect statements.

When pointed out that the banks and government departments are not filing the returns in time, which is causing considerable difficulties for complying with the TDS filing deadlines, she said that CBDT is looking into those complaints.

Foreign parties are often not interested in taking PAN card since they think that it would be time consuming and lead to hassles. Kacker wanted specific instances to be brought to her to take ameliorative decisions. The entire issue has to be seen from the perspective of  Double Taxation Avoidance Treaty signed  between India and the home country of the foreign party and the withholding tax specified in the treaty, she said.

To a suggestion from the floor that the foreign parties should be able to remit the TDS in currencies other than rupee, say in US dollar, and their articles of association to be certified by the respective embassies, she said it was worth considering.

Kacker stated that the total collection from direct tax stood at `590,000 crore in the last financial year and adjusted against refunds, the net tax collected stood at `4,46,000 crore.

TDS constituted, on an average, 30 to 37 per cent of the direct tax collection. In the last financial year, the total TDS collected amounted to `1,60,000 crore, which was quite substantial, she added

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