OTHERS

Administration of TDS revamped

MANGALORE, APRIL 24. The Income-tax Department has brought in changes in the administration of tax deduction at source (TDS), the Chief Commissioner of Income Tax, Karnataka-Goa Circle, B. Ram Kumar, has said. It will be aimed at providing information and avoiding a bureaucratic approach to help taxpayers and preventing frauds.

Delivering the keynote address at a seminar on e-filing TDS returns here on Saturday, Mr. Kumar said the department had sought the help of National Securities Depository Ltd. (NSDL) to set up a Tax Information Network (TIN), and the system was working well despite the teething problems.

The department had outsourced the work to NDSL as it had no expertise in the area, he added.

Noting that e-filing of TDS returns had been made mandatory for corporates from June 1, 2003, Mr. Kumar said that under the new system, all returns would not only be filed electronically, but processed likewise, with help from data sourced from banks and other areas. He said that the system was expected to help prevent frauds as all data could be easily crosschecked.

Mr. Kumar said TDS accounted for nearly 34.5 percent of the total direct taxes collected.

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