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SUGGESTION FOR OPTION TO ASSESSEE FOR HIGHER AND LOWER TDS/TCS for optimization of tax collection and refunds

Income Tax - By: - CA DEV KUMAR KOTHARI - Dated:- 13-3-2018 - Tax deduction at source (TDS): At present there are provisions for deduction of tax at source at prescribed rates for different type of payments. The person paying and even when crediting .....

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process is not simple and involves costs and there can be cases of harassment also. Therefore, in cases where amount involved is not high one opt not to apply for lower TDS. Similarly there are some provisions for tax collection at source (TCS). Stan .....

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which government has to allow and also has to pay some interest. Rate of interest payable by assesse is higher and rate of interest payable by government is low. The difference is also very high. For larger period some time interest is not payable b .....

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ker to make profits by such policies. Difference between rates should be nominal, if at all it is desirable to ensure compliance of tax payment. Option for higher or lower TDS/ TCS: There seems no option or other mechanism whereby one can ask the tax .....

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persons / assesses, particularly those have higher rate of tax applicable has to pay advance tax or self-assessment in addition to TDS/ TCS. This increases work, and compliance costs to such people. Particularly in case of senior citizens and others .....

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d also who have incomes in which low cost is involved like, income by way of interest , rent ,royalty and professional fees at higher levels of fees rate etc. In such cases receiver of income can be granted an option to declare and request to the tax .....

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business and profession where break-even is not achieved or after break-even there is low revenue, higher costs on account of rent, interest and fixed costs are involved, we find that income is low and in many cases loss is also suffered. In such ca .....

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vious, chances of harassment by tax authorities, greater chances of scrutiny etc. Therefore, option can be given to income receiver to declare to the tax deductor / tax collector to deduct or collect tax at lower rate. In this case also flexibility c .....

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