TDS shortfall to be focus of Friday review

TDS shortfall to be focus of Friday review

TDS shortfall to be focus  of Friday review

 Falling short of the budgeted target for direct tax collection, the Central Board of Direct Taxes (CBDT) has increased its vigil and is holding a review meeting on Friday to firm up strategy to shore up collections.

The financial year is ending on March 31, but the government so far has collected only Rs 5.47 lakh crore as against the target of Rs 7.36 lakh crore.

The CBDT will hold a video conference meeting with senior officials of the Income Tax Department on Friday. High on the agenda is TDS (tax deducted at source) collection where the department is running abysmally short of target. TDS collection growth has been just half of last year’s levels around this time, an official said.

In the 2013-14 financial year, the growth under this head was 16.73 per cent, while in the current fiscal of 2014-15, the growth percentage is just 7.84 per cent.

The I-T Department has also decided to expedite prosecution action against large defaulters on the TDS front with the help of its specialised electronic database and processing centre called Central Processing Centre-TDS, based in Ghaziabad, Uttar Pradesh.

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