IT department is giving special attention to collection from TDS

The Income Tax department is giving special attention to tax deducted at source (TDS) as it aims to turn in the highest ever collection from the segment this financial year. During the last five years, the contribution from TDS had gone up from 33 per cent to 38.5 per cent of the net direct tax collection with an annual average growth of around 25 per cent.
“The TDS collections are being monitored. Special attention is being given to this source of revenue collection and the Commissioners of Income Tax have been asked to achieve the highest ever collections, ” a senior I-T officer said.

All the TDS directorates have also been asked to turn in maximum collections from their areas, the officer said.

Finance Minister Pranab Mukherjee, in a conference recently had expressed hope that the high growth rate in TDS collections would not only to be maintained but further accelerated.

The employers and deductors will also be notified by the department that they can seek any help in case of doubt regarding TDS collections from local assessing officers, the officer said.

The government is expecting direct tax collections this fiscal to reach the target of Rs 4 lakh crore.

Till December, the direct tax collection stood at Rs 2.50 lakh crore, an 8.5 per cent growth over the corresponding period last year.

Related posts:

1. IT department keeping track of advance tax paid by the companies to increase direct tax collection
2. Income-tax dispute resolution panel may hit tax collection by Rs 10,000-crore
3. Income tax department ask bankers to deduct and pay TDS properly
4. Department activities to increase tax collections
5. Income Tax department will send notice to companies who paid lesser advance tax