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'Crucial to implement comprehensive public consultation process'
Business Standard
|December 16, 2024
The current Tax Deduction at Source (TDS) and Tax Collection at Source (TCS) systems have become increasingly complex, with more than 71 different sections governing intricate procedures.
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To address this complexity, the committee is considering proposing a radical simplification approach.
According to sources, similar to the Customs Tariff Act, the committee is considering creating a single comprehensive Schedule of Rates that would replace the existing 71 sections. This would reduce legal complications and litigation, making the tax deduction process transparent.
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