Seminars on TDS proceedures

Tax deduction at source is one of the important method of recovery of tax under the Income Tax Act, 1961. Umless TDS returns are filed accurately processing under present system based on EDP becomes and endless task and for the same reason the know how about TDS proceedres and its e-filing has got its own importance.The Income Tax Department organised a seminar on the Tax deducted at Source(TDS) with special emphasis on e-filing on Tuesday.

The seminar was chaired by Goutam Choudhuri, the Chief Commissioner of Income-tax, Kolkata, and was attended by about 500 representatives from various sectors of economy, both government and non-government.

Deduction of Tax at Source (TDS) is an important mode of collecting income-tax and accounts for about 40% of total collection. TDS is an efficient way of collecting tax and its scope has been increasing over the years.

“Understandably the volume of TDS transactions and data has also increased phenomenally. Now, the stage has come when it is impossible to handle the data manually.
That is why the Income-tax department has embarked upon a major technology drive and moved to the era of e-filling.

The returns are furnished as well as tax is being paid electronically through Tax Information Network (TIN) administered by the National Securities Depository Limited(NSDL),” said Choudhuri.

In course of processing of e-returns, the Department has come across a number of instances of faulty data entry and communication.

The seminar is aimed at such defaults related to e-filling.

Presentations were made by the officers of the Department and NSDL, highlighting the proper procedures. Specific instances of the mistakes committed by the deductors were discussed and appropriate solutions wee also suggested. This kind of seminars will be more helpful for the deductor assesses and shall be arranged everywhere.