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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
Direct Tax »
 Direct tax collection exceeds target in FY18
 Taking the 1st five steps to saving taxes Income Tax
 TDS on interest income: Want to avoid? Here’s how you can do this
 CBDT to modify advance ruling forms for transparency in cross-border deals
 New ITR forms for 2018-19 notified by CBDT
 Income Tax Return form: There are many changes you need to know
 Procedure For Registration And Submission Of Statement Of Financial Transactions (Sft) As Per Section 285ba Of Income-Tax Act, 1961 Read With Rule 114e Of Income-Tax Rules, 1962
 Income tax return forms for FY 2017-18 released
 10 benefits of filing ITR even if you are below taxable bracket
 How to file Income Tax Returns online in five simple steps
 Income tax returns (ITR) deadline over; how belated returns filing will impact you

Income tax department to initiate action against big TDS defaulters
March, 10th 2013

The Income Tax department has decided to crack the whip on big companies and organisations that do not remit TDS money even after deducting it from their workers' salaries.

The Central Board of Direct Taxes (CBDT), the controlling and administrative authority of the department, has asked all I-T ranges to identify such cases where revenue implication is large and initiate prosecution in competent courts.

The action will be taken under Section 276B of the I-T Act which deals with "failure to pay tax to the credit of central government (I-T department)" and punishment under the said provision carries a rigorous imprisonment varying from three months to seven years of jail along with a fine.

"The department has detected some big cases of non- compliance in depositing tax stipulated under the TDS (Tax Deducted at Source) category. The department has taken this violation seriously and I-T authorities have been asked to initiate prosecution in cases of high revenue and blatant violation of TDS remittance laws," a senior department official said.

A case is that of the Kingfisher airlines where the I-T had asked the carrier to deposit around Rs 185 crore as TDS deducted from its employees' wages. The Supreme Court had refused a relief to the grounded airline and asked it to deposit the due taxes under TDS.

Some very flagrant violations have been detected by the income tax investigations and intelligence units across various ranges and keeping in mind the huge amount of revenue involved, the department has now decided to initiate strict measure, the I-T official said, adding almost 50 such cases are now being sent to the courts.

"In some cases, the affected parties have been asking for compounding the fine after notices for payment of taxes were sent to them. Jurisdictional chief commissioners are empowered to take a decision on these requests," the official said.

The department is plugging each and every source of revenue to achieve the Rs 5.65 lakh crore revenue mop up target under the direct taxes category for this fiscal which will end on March 31.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Sitemap

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