The revenue department is also considering a proposal to restructure the administration of the TDA set up.
At present, TDS includes income from salary, interest on securities, dividend from domestic companies, prize money from lotteries, etc.
Budget 2007-08 has already proposed bringing a few more income heads like payment to contractors by individuals for business purposes under TDS. According to sources, the revenue department is also planning to strengthen the computerisation network of TDS, which would help increase its database.
The department is also planning to set up commissionerates for TDS. In order to check tax evasion, it will set up a proper TDS structure by strengthening existing TDS commissionerates and opening new ones in the four metros and tier II cities. All the commissionerates will also be required to file TDS data electronically, so that the information is verified with the tax returns filed by taxpayers.
Tedious Changes
- TDS may be expanded to include income from more trades
- Computerisation network may be strengthened to increase database
- Commissionerates may be set up to check tax evasion
With the direct tax collection target fixed at Rs 2,67,175 crore for 2007-08, a 16% increase over last fiscal, the Central Board of Direct Taxes is already looking at measures to increase collection. It is planning to focus on the use of investigative measures like raids and surveys to raise both collection and compliance.
By indiancaonline, Section Taxation - Income Tax
Posted on Thu Apr 26, 2007 at 08:06:59 PM EST
 |
| < `Tax sops for exports had PM's backing' | RBI may raise cap on overseas investment > |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
