Income Tax department in India has decided to scan salary structure of top executives of big corporates and PSUs in the country for deduction of tax.

New Delhi, June 3/Nationalturk – In a move aimed at increasing collecting of tax from high income earning people, Income Tax department in India has decided to scan salary structure of top executives of big corporates and PSUs in the country.

Highly placed sources said Income Tax (IT) Department  has decided to strengthen its tax deducted at source (TDS) from salaries of the employees. “It has been decided to  further strengthen scanning of TDS from salaries to collect more revenue for the state exchequer”.

They said the statistics of the IT department revealed that  41 percent of  total tax collections in the country last year were generated from TDS category alone.

Sources said IT department has asked its men and officials to focus on  full salary structure of top executives of big companies, Public Sector Units (PSUs) and those firms which employ a large workforce. “The IT sleuths have been asked to  examine hidden tax opportunities in the perks and reimbursements made to top guns of big firms.

 ‘Top executes earn more, pay less tax’

There is a general feeling that top executes of big companies and PSUs earn more and pay very less tax as they hide their tax paying opportunities in the perks and reimbursements.

Sources said IT department is also mulling  to increase vigil to obtain tax from universities and educational institutions, which make payments to guest lecturers.  

“We hope that by these measures, income tax collection (generation) will increase. This amount can be used on schemes meant for welfare and well being of people,” a top IT official said.

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Faiz Ahmad / NationalTurk India News

 

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