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Covid-19 impact: TDS revenue collection in first 10 days of May down 22%

The fall over the previous year indicates large layoffs, salary cuts, stagnant rental activity due to nationwide lockdown

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Although Prime Minister Narendra Modi urged industry not to lay off employees, data suggests that many did. Payment of TDS needs to be done when it is due, even if the salary is deferred.

Dilasha Seth New Delhi

4 min read Last Updated : May 11 2020 | 11:53 PM IST

Revenue collection from tax deducted at source (TDS) fell 22 per cent from May 1 to May 10, the last day for TDS payment.

This indicates large layoffs and salary cuts in April, besides stagnant rental activity due to the coronavirus (Covid-19) lockdown.

TDS collections stood at around Rs 44,110 crore between May 1 and May 10, against Rs 56,447 crore mopped up in the same period last year. In fact, gross direct tax collections from April 1 to May 10 this fiscal year were down 14.6 per cent at Rs 85,665 crore against Rs 1 trillion in the corresponding

Topics : Coronavirus Income tax Lockdown TDS Tax collection Narendra Modi