Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4% :: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: VAT RATES :: ACCOUNTING STANDARDS :: Central Excise rule to resale the machines to a new company :: form 3cd :: cpt :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TDS :: due date for vat payment
 
 
« News Headlines »
 All about income tax return form Sahaj
 Why seeing Form 26AS is a must before filing tax return and how to access it
 No tax on notice period pay cut
 Interpretation Of Central Goods And Services Tax (Cgst) Act (Part-1)
 What to do if you haven’t filed your taxes
 Income Tax Declaration To Employer: 10 Changes You Should Be Aware Of
 What your income tax says about you
 Self e-filing of income tax returns
 Why do we get 3 extra days to file income tax returns in 2017?
 Income Tax department launches 'Operation Clean Money'-II
 Here’s how to e-file your income tax return

I-T campaign against TDS non-remittance
February, 17th 2009

The income-tax department has launched a campaign against those assessees who deduct tax from various payments they make but don't remit the same into the government treasury, Pradeep Sharma, commissioner of income-tax for tax deducted at source (TDS) said on Monday.

Sharma said the department has begun checking the records of assessees to find out if there is a significant drop in the TDS remitted by them last year and this year. "We have found out non-remittance of Rs 7 crore and have ensured remittance of Rs 4 crore," Sharma said, adding that the amount of payments which are liable for deduction of tax at source is estimated to be around Rs 435 crore.

The I-T office has reinforced the team going into the cases of non-remittance and conducted 90 surveys, out of which 36 were in February alone, Sharma said. "We have issued prosecution notices in 15 cases and the defaulters face heavy penalty and imprisonment up to seven years."

Sharma cited four reasons for TDS remittance defaults non-deduction, short-deduction, non-payment of the deducted amount into the government account and late payment of TDS collected by those making payments to different suppliers and service providers. These include co-operative societies, hospitals and even government offices, he said. Payments such as charges of security agencies, lift maintenance, hiring of taxis, interest on loans, leasing of machinery and equipment are liable for tax deduction at source, he added.

The income-tax Pune region has collected Rs 5,031 from TDS so far this year as against Rs 5,227 last year, Sharma said. The target for this year is Rs 6,300 crore but it is likely to be revised downward given the economic slowdown, he said.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Web Application Development Web based Software Solution Web Application Deployment Web Application Solutions Web Application Software Development Web Application Deployment Web Application Programming Web Application Design and Development

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions