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% :: ACCOUNTING STANDARD :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: ACCOUNTING STANDARDS :: Central Excise rule to resale the machines to a new company :: due date for vat payment :: cpt :: empanelment :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India
 
 
News Headlines »
 Filing income tax return to become simpler from next month
 Here's why that big tax refund isn't great news for you
 Filing tax returns to be less painful as government simplifies ITR forms
 Here’s how the new tax provisions will impact you in 2017-18
 Income-tax (3rd Amendment) Rules, 2017
 How you can save tax in the last 2 days of current FY
 6 important income tax rules for individuals which will change from April 1, 2017
 Key changes in income tax rates individuals need to look at from 1 Apr
 Provisional Enrollment under Goods and Service Tax (GST)
 Ten income tax changes that will come in to effect from April 1
 New income tax provisions you need to be aware of

Govt dept must file TDS details of contracts
August, 02nd 2007

The income tax department is now tightening the noose around government departments. All central and state government departments will be required to deduct tax at source and file quarterly returns on par with the corporate sector.

TDS collections from the government department were very low. Out of the total collection of Rs 70,000 crore in 2006-07, just Rs 1,500 crore came from government departments. This is even as some of these departments are the largest provider of contracts.

The government departments have to deduct tax whenever any payment is made towards a contract. However, most government departments show it as a book entry and do not even file returns. All government departments, both at central and state level, will be asked to take tax deduction account numbers (TAN) and e-file their returns every quarter like companies, the source said. They will also have to pass on the tax deducted to the department.

The I-T departments audit division will also carry out special audits of some government departments, like defence and railways, to ascertain the reason behind lower TDS collection by them, a government source said. A proposal in this regard has received a go-ahead from finance minister P Chidambaram.

The I-T department is creating a TDS directorate with a view to tighten TDS administration. About 12 commissionerates in the country would have dedicated officers focusing on expanding the TDS network and ensuring greater compliance.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 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