Income Tax officials and tax experts explained the Tax Deduction at Source (TDS) and Tax Collection at Source (TCS) provisions especially pertaining to changes made during the current financial year.
At an awareness seminar convened by Joint Commissioner of IT (TDS Range) T. Satyanandam, along with ITO K. Tulasi Das, A.V. Chandra Sekhar and J. Sailendra Kumar, officials clarified the doubts of the assessees.
Mr. Satyanandam said out of 125 crore people in the country, the number of those filing income tax is around 3.5 crore.
Majority of the taxpayers are salaried class. Employees’ contribution to the national revenue and economy by way of TDS is more when compared to other sectors.
So far budget collection of Rs.450 crore has been achieved. It is observed that there is considerable increase in TDS collection of the TDS Range, Visakhapatnam which consists of area from Srikakulam to West Godavari district.
He mentioned that a major portion – 40 per cent of revenue to country was coming from direct taxes. Again out of this, the lion’s share is from TDS.
Those who deduct play a vital role as the first tax administrators and stressed upon the need for them to diligently attend to their duty to contribute to the revenue of the nation. During the interaction, several doubts were clarified. Most the doubts relate to the e-filing of TDS statements.
