TDS accounts for 55% of total direct tax collections: M. Sailo

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TDS accounts for 55% of total direct tax collections
The tax deduction at source (TDS) currently accounts for about 55 per cent of the overall direct tax collections from across India and about 46 per cent of the direct tax collections of the Delhi region, Ms M. Sailo, chief commissioner income tax, Delhi-1 said at an ASSOCHAM event held in New Delhi today.

"With the changes in the law and mandatory processing of TDS statements, the TDS administration has become an integral part of our overall organisational set up," said Ms Sailo while inaugurating a national seminar on TDS organised by The Associated Chambers of Commerce and Industry of India (ASSOCHAM).

"Looking closely at the revenue growth, we see the importance of TDS, for instance, currently the all India collection of direct taxes stands at over Rs 2.82 lakh crore out of which TDS accounts for Rs 1.54 lakh crore which is as of today is 55 per cent of total collections," said Ms Sailo. "In Delhi charge itself out of the total collection of over Rs 43,000 crore so far, TDS alone accounts for about Rs 20,000 crore i.e. 46 per cent of total collections of Delhi region."

The TDS collections in Delhi is growing at a healthy rate of about 17-18 per cent, said Ms Sailo while hoping for the growth to continue at the same rate during the remaining financial year.

The chief commissioner income tax, Delhi-1 also acknowledged the effective role played by the deductors in the success of TDS.
Ms Sailo further said that success of TDS administration is an example of effective holding of tax administration under deductor assessee in the partnership to collect taxes. "We need to continuously explore further ways to strengthen this partnership and also promote voluntary tax compliance."

The tax deductors with a strong tendency of holding back taxes deducted deprives the government of its much needed taxes, said Ms Sailo while informing that the Central Board of Direct Taxes (CBDT) has taken serious note of such tax deductors and has ordered the officers to launch prosecution in fit cases.

Read more about: tds, assocham, direct tax
Story first published: Wednesday, December 12, 2012, 10:34 [IST]
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