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I-T Dept raps banks, local bodies on TDS
March, 23rd 2007
The Income-Tax Department has set its eyes on banks and local bodies for non-remittance of tax deducted at source (TDS) on interest on deposits (by the former) and on payments made to contractors (by the latter) to the Department.

As many as 50 banks and some panchayats that have failed to make the remittance in this region are under the scanner.

Speaking to newspersons on the annual performance of the Department in the Coimbatore, Erode and Nilgiris districts, the Chief Commissioner of Income-Tax, Mr O.P. Sachan, said that the banks cited shortage of manpower for this slip.

"They have neither deducted nor guided the recipients of interest properly. They have also failed to forward the forms - 15G and 15H - on time in a number of cases. We are sensitising the banks and initiating action against them. We have decided to impose a penalty of Rs 100 a day on the depositor for non-filing of these forms," he added.

Local bodies, especially panchayats, which have failed to remit the tax collected on payments made to contractors over the last couple of years, would also be pulled up. At least 500 panchayats have defaulted in this region, Mr Sachan said.

 
 
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