Income tax department is emphasising on creating greater awareness on tax deducted at source (TDS) compliance.
“The department will create awareness for proper TDS compliance by all deductors,” Principal Commissioner of Income Tax D N Mishra said at a seminar on income tax TDS yesterday.www.taxxcel.com
Rakesh Goyal, CIT (TDS) explained the TDS provisions and assured necessary help to tax deductors as well as taxpayers in proper adherence to law.
The event was organised issued by Calcutta Citizens Initiative, All India Federation of Tax Practitioners and Rajasthan Bengal Maitri Parishad.
Speaking on the occasion tax advocate Narayan Jain said monetary limits of TDS should be revised upwards but rate should be scaled down in view of present exemption limit and lower rates of income tax.
He also said that multiplicity of provisions relating to Interest and Commission income need to be consolidated into for simplification.