The Hindu Business Line : `Tax Information Network has helped bring in transparency'

THE Chief Commissioner of Income Tax, Karnataka & Goa, Mr Ramkumar, has said that Tax Information Network (TIN), developed by National Securities Depository Ltd (NSDL) on behalf of the Income Tax Department, has been designed to make tax administration more effective.

Inaugurating a seminar on "E-filing of TDS returns", organised by the Mangalore branch of the Southern India Regional Council of the Institute of Chartered Accountants of India, in Mangalore on Saturday, he said that TIN has brought in knowledge-based tax administration system compared to the bureaucracy-based one. TIN has made furnishing of returns convenient and helped in bringing greater transparency. With this system "frauds" on TDS will be controlled, he said.

Since the Income Tax Department did not have expertise in handling TIN it outsourced the work to NSDL.

Stating that the power of information technology is being harnessed by the department, he said that NSDL is the primary agency responsible for the design, implementation and maintenance of TIN.

The Government has made e-filing of TDS returns mandatory for corporates from June 1, 2003, he said.

Mr Ramkumar said that TDS formed nearly 35 per cent of direct taxes. In India, collection of direct taxes was to the tune of Rs 1 lakh crore during 2003-04. Increase in direct tax collection is a good sign for a developing nation like India, he added.

Mr Jayesh Sule of NSDL, who spoke on "Technical aspects of e-filing of TDS returns", said that TIN has helped in reducing the number of forms for filing TDS returns to only three. However, those furnishing returns in electronic form should furnish a control chart (Form 27A) in physical form. He said that control chart is a summary of TDS returns.

Deductors furnishing their TDS return in electronic form should furnish it to TIN-Facilitation Centres (TIN-FCs), he said. Though 51 cities have 161 TIN-FCs, the number of cities is likely to be increased to 107, he added.

More Stories on : Income Tax | E-Governance | Karnataka

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