Pay TDS before 31st March - Request from IT Department
Income tax department is writing letters, making phone calls to various companies to deposit the TDS amount on or before March 31, 2015. They are also requesting companies to depute senior officials from companies to appear before department at a specified date and time. This letter may not be a notice ,but it is not illegal also since it is just a request. Department is saying that due to change in computation of TDS ( excluding ST) , there has been a shortfall in collections. However, some experts believe that shortfall is not large because in last months of FY 2014, department has collected around Rs 2 lakh crores, whereas the target was around 2.35 lakh crores. The revised estimate for direct tax collection as per the Budget is Rs 7.05 lakh crore ( prev 7.35 estimated). Total collection between April 14 and January 15 was Rs 4.7 lakh crore.
I think government should also think about tax payers. First this money which is deducted is costing a lot in working capital management of companies and still they want advance TDS.
The collections should be looked on fiscal basis instead of a 10 days earlier period.