PHD Chamber urges govt to reduce TDS rates amid pandemic

New Delhi, Apr 26 (KNN) In the wake of COVID-19 second wave, the PHD Chamber of Commerce and Industry has asked the government to reduce the Tax Deducted at Source (TDS) rates for this year also or at least for this calendar year.

''In order to provide relief, stimulus to the struggling industry and in keeping with the reality of reducing businesses and incomes, the Government should consider reducing the TDS rates for this year also or at least for this calendar year,'' suggested Sanjay Aggarwal, President, PHD Chamber of commerce and Industry.

Aggarwal also appreciated the swift action taken by CBDT to extend the timelines across various compliances under the Income Tax Act.

''The time limits have been extended for passing of any order for assessment or reassessment under Section 153 or 153B; passing an order consequent to direction of DRP under subsection (13) of section 144C; issuance of notice under section 148 for reopening the assessment where income has escaped assessment and for sending intimation of processing of Equalization Levy under sub-section (1) of section 168 of the Finance Act 2016,'' he said.

PHD Chamber lauds the proactive approach adopted by CBDT. This is a step in promoting voluntary tax compliance, Aggarwal added.