Assocham asks govt to consider 1% TDS rate

Industry chamber also made a case for decriminalisation of certain TDS defaults

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Industry body Assocham has pitched for a single TDS rate of 1 per cent or 2 per cent for all payments made to resident assesses to avoid litigation on interpretational issues and ensure ease of tax compliance.

In a pre-Budget memorandum to the finance ministry, the industry chamber also made a case for decriminalisation of certain TDS (Tax Deducted at Source) defaults.