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TDS rates to be rationalized

Jun 27, 2009
Ahead of the budget, the finance ministry is mulling proposals to rationalize the Tax Deduction at Source (TDS) rates. Currently there are multiple rates of TDS prescribed for various nature of expense payments and accordingly the infrastructure support and related costs, weigh heavily on the Income Tax Department (ITD).

Such a move might mean a reduction in the overall rates of TDS and increased nature of services being covered under the TDS net.

Reduction in TDS rates for Professional Services may help small business men & professionals who have low tax liability but very high TDS resulting in refund positions, which get locked up with the tax authorities for long time durations.

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