Hotline: 1800 102 2007
Hotline: 1800 102 2007
Search Business Opportunities
2011-05-24

I-T dept beefs up TDS collection

For enforcement and collection of revenue through the tax deducted at source (TDS) route.

Income tax looks to outsource substantial chunks of non-core functions, it is making a pitch for a staff crunch, estimated at nearly 22,000 personnel, to step up enforcement and collection of revenue through the tax deducted at source (TDS) route.

In fact, TDS, which accounts for nearly 37% of the government's direct tax collection, is going to figure prominently in the two day brainstorming involving chief commissioners and director generals of income tax. Like every year, the focus areas for TDS are going to be flagged at the meeting, which will be inaugurated by finance minister. The other big issue is dealing with TDS mismatches and processing of returns.

In several transactions, especially where payments are made to contractors and individuals, the government uses TDS to collect taxes. This is done not only to make the process simpler but also helps it generate information on potential tax payers, who could have escaped the net. Officials said that going forward, the share of TDS in overall collections may increase further and therefore more resources, in terms of manpower, would be deployed. But that is only possible if the approach changes from scrutiny-focused to enforcement driven.

With return processing out of the way, the department would be able to focus more on these areas. In fact, further improvements to process, which has speeded up refund payments, are also on the agenda for the annual meeting of senior tax department officials.

They said that as the eight income tax overseas units become operational and there is more exchange of information, the mechanism would only improve. The government has also set up a criminal investigation directorate to focus on tracking individuals such as Hasan Ali, accused of evading Rs 72,000 crore in taxes, as well as funds stashed away in overseas banks, such as those in Liechtenstein.

 

Related opportunities
  • CAD/CAM/CAE & Multimedia
    About Us : Frameboxx Animation & Visual Effects offers skill-based curricula..
    Locations looking for expansion Maharashtra
    Establishment year 2008
    Franchising Launch Date 2008
    Investment size Rs. 20lac - 30lac
    Space required -NA-
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Mumbai Maharashtra
  • About Us: LVH Energy Pvt Ltd are manufacturers of LED lighting..
    Locations looking for expansion Karnataka
    Establishment year 2008
    Franchising Launch Date 2019
    Investment size
    Space required 100
    Franchise Outlets -NA-
    Franchise Type MultiUnit
    Headquater Bangalore Karnataka
  • Others Food Service
    About Us : An widely accepted Food & Café concept based..
    Locations looking for expansion Maharashtra
    Establishment year 2015
    Franchising Launch Date 2019
    Investment size Rs. 10lac - 20lac
    Space required 500
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Mumbai Maharashtra
  • Ice Creams & Yogurt Parlors
    About Us: Michael’s Icecream Burger is the first of its kind,..
    Locations looking for expansion Karnataka
    Establishment year 2017
    Franchising Launch Date 2019
    Investment size Rs. 5lac - 10lac
    Space required 100
    Franchise Outlets -NA-
    Franchise Type Unit, Multiunit
    Headquater Bangalore Karnataka
Insta-Subscribe to
The Franchising World
Magazine
For hassle free instant subscription, just give your number and email id and our customer care agent will get in touch with you
OR Click here to Subscribe Online
Daily Updates
Submit your email address to receive the latest updates on news & host of opportunities

Free Advice - Ask Our Experts