The Confederation of Indian Industry in its Union Pre- Budget Memorandum 2009-10 has suggested several modifications to the provisions of Tax Deducted at Source (TDS), Section 192 to 197 of the Income tax Act to make it more user friendly.
CII has recommended a number of measures for rationalization including consolidating the various sections such as stipulations, rates for TDS exemptions limits etc. In tandem with these proposals, CII has suggested that short or excess deduction of income tax in a financial year for various employees should be allowed to be adjusted by the employer and hence obviate the need for employees to make claim for refund. A uniform rate of TDS for all the payments has also been prescribed by CII.
To reduce the hardships of an assesse to obtain refunds of excess tax deducted, CII has also proposed Intra-year adjustments of excess tax deducted be allowed. Since, presently there is no provision in the law by which the assessees are allowed to file revised TDS return, CII has suggested that assesses be allowed to file revised TDS return already filed.
Source: CII
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