Industry bodies urge Finance Ministry to ease TDS rate structure

Quick Summary:

It said since all TDS information was captured in Form26AS/AIS of the deductees, it was easier for the government to collect the tax balance from taxpayers.

The CII made a similar proposal advocating two to three categories of payment and a small negative list that will not be liable to TDS.

Under the Income Tax Act (‘the Act’), there are 37 types of payment to residents where the TDS rates vary from 0.1 per cent to 30 per cent.

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Article Details

Category: BusinessFinance

Markets: India

Topics: Ficci TDS CII Finance ministry Finance sector Compliance burden

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-07 @ 22:50:42 (12 hours ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 500 words

Reading Time: 3 minutes read

Sentences: 17 lines

Sentence Length: 30 words per sentence (average)

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Copyright Owner: © Business Standard

News ID: 23463743

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