Dissolved solids online payment

Dissolved solids online payment

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New Delhi, March 1

2010-11 budget proposed an increase in the maximum deductible of different taxes, including those payments to contractors, and fees for professional or technical services, gains from lotteries or crossword puzzles, and the benefits of horse racing.

Reduce the threshold for withholding tax in different batches are proposed to be raised to control inflation, and also to reduce the burden of compliance with deductors and taxpayers, said an official in the Department of Revenue.

The increase in the minimum wage does not include all the payments for which tax deduction at source (dissolved solids) are mandatory. However, the threshold could increase the amount of not less than 50 per cent for amounts that have been selected, the official noted.

Finance Minister, Mr. Pranab Mukherjee, had in his speech on the budget pointed out that the maximum limits for payments below, which are not subject to withholding tax at source, which remained unchanged for a long time and therefore the proposed move to rationalize the thresholds.

In the case of payment to contractors, and the reduction of the threshold is proposed to be collected from 20,000 rupees to 30,000 rupees to each transaction, and 50,000 rupees to 75,000 rupees (annual limit). Insurance Committee, and suggested that the threshold limit increased to up to 20,000 rupees, an increase of four times the limit of the existing 5,000 rupees.

Lease payments, the reduction is proposed to increase the threshold of Rs 1,80,000 (Rs 1,20,000). In the case of fees for professional and technical services, and reduce the threshold to be increased to up to 30,000 rupees (20,000 rupees).

On the threshold limit changes to come into effect as of July 1, 2010. Any tax withholding is required if the payments do not exceed the threshold limits of assessments.

Total dissolved solids in the collection of direct taxes, the total has fallen from the level of 80 per cent in the late eighties to a level of about 27 per cent in 2007-08.

Although the direct tax pie has seen remarkable growth since the economy has been opened in the early nineties and a decrease in dissolved solids to the total revenue from direct taxes has been a source of concern for policy makers.

In 2007-08, the Government initiated a series of legislative and administrative steps on the front of dissolved solids, which seems to have paid some of the profits.

The level of 27 per cent in 2007-08, and the percentage of dissolved solids groups to the total direct tax revenue jumped to 30 per cent in 2008-09 and 35 per cent in 2009-10. Steps include the increase in the number of dissolved solids commissionerates from 4 to 16 across the country.

Even within the threshold for withholding tax is proposed to increase, and some tax experts calculate that the amount of the increase was marginal.

“The cost of compliance for taxpayers in small, medium and small are very high today. The proposed increase within the threshold limits. The same is true of the proposed increase in the audit of tax reduction. Is very marginal when you consider that the limits of time and introduced in 1984, “Mr. ASEM Chawla, a partner in Amarchand & Mangaldas, said Business Line.