CAG for tighter tax norms for television industry

PRESS TRUST OF INDIA

New Delhi, Mar 27: Government auditor CAG on Friday recommended tighter tax norms, including mandatory TDS, for the Indian cinema and television industry, which is estimated at over Rs. 36,000 crore. Concerned over tax evasion and the need to widen tax base, the Comptroller and Auditor General (CAG) in its report tabled in Parliament, suggested that payments for sale of distribution rights of films and time slots to television channels should be subject to the provisions of Tax Deduction at Source (TDS). It would mean that entities making such payments would be required to deduct tax before making payments. "...Provisions for deduction of TDS on sale of distribution rights and sharing of proceeds from exhibition of films may be introduced", the CAG recommended.

Lastupdate on : Sun, 27 Mar 2011 21:30:00 Makkah time
Lastupdate on : Sun, 27 Mar 2011 18:30:00 GMT
Lastupdate on : Mon, 28 Mar 2011 00:00:00 IST



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