March TDS to be paid by Banks in March itself
ALL public sector banks have been requested by the Department of Financial Services, Ministry of Finance to ensure that tax deducted during the month of March, 2015 is remitted to the Government account in The month of March 2015 itself. Similar letter has also been written to the Chairman, Indian Banks' Association for compliance by the non-PSU banks.
The revenue Secretary has also written a D.O. Letter to all the Chief Secretaries of the States requesting them to suitably direct the officials concerned to ensure proper tax collection at source (TCS) on lease/ licence/ contract for mining and quarrying and for parking kits and toll plazas.
The CBDT wants the Chief Commissioners and Principal Chief Commissioners to follow up with the State Governments and Banks to ensure that the money comes to the Government kitty.
It is strange that officers at the highest level like the Revenue secretary want to cook up the Government's balance sheet to show next year's income as this year's. After all the money is with the Government; what will happen if it is not shown in this year's account? Is this the way to hit the targets?
CBDT Letter F.No.380/02/2014-IT(B)., Dated: March 24, 2015