Budget may see rationalisation of TDS, TCS rates

Govt to provide ₹35k cr LPG subsidy to fuel retailers

- DIPAK MONDAL @ New Delhi

THE Union Budget this year may rationalize the tax deducted/collected at source - TDS and TCS - provisions, according to people who have been in consultation with the finance ministry. The myriad rates of TDS/TCS have been a sore point for industry and taxpayers, and the finance ministry seems to be on the same page with the industry on the issue, sources told TNIE.

There have been calls for simplification of TDS/TCS as there are various rates - ranging from 0.1% to 10% -- at which taxes are deducted or collected at source.