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: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: VAT Audit :: cpt :: TDS :: empanelment :: Central Excise rule to resale the machines to a new company :: articles on VAT and GST in India
 
 
Direct Tax »
 Parliamentary panel wants Direct Taxes Code to stay
 What's the quantum of tax sought from foreign funds?
 Foreign investors skittish on India over land bill, tax worries
 Check Your New Income Tax Assessment Range Before Filing Returns
 End of paper trail in e-filng of Income Tax returns; Aadhaar added
  CBI arrests Deputy Commissioner Income Tax
 CBDT names and shames tax defaulters, again
 Direct tax collection falls short by Rs 19,028 cr in FY15
  Clarification under sub-section (7) of section 186 of the Companies Act,2013
 What is due must be paid, India no tax haven
 ICAI seek more changes to Companies Act 2013 for ease in doing business

Failure to Deposit TDS On Time Will Attract Penalty: CBDT
June, 06th 2013

Failure to deposit timely and correct TDS or TCS will now attract a penalty ranging from Rs 200 to Rs one lakh by the Income Tax department.

All the Tax Deducted at Source (TDS) range offices of the department across the country have been asked by the Central Board of Direct Taxes (CBDT) to ensure compliance in this area and also inform and make aware the authorised deductors about this new action being initiated by the taxman.

According to the new instructions issued, a deductor, either government or private, will have to submit a "compulsory" fine of Rs 200 for delay in filing either TDS or Tax Collected at Source (TCS) every day beyond the stipulated date of remittance of these category of taxes.

Similarly, the penalty would be between Rs 10,000 to Rs one lakh for furnishing incorrect information or failure to file the collection statement within the due date.

"The assessing officer of the department will use sections 234E and 271H of the I-T Act to ensure that TDS or TCS collections are not delayed or faltered. The department, in many cases, has found that deductors delay for long the filing of these category of taxes even after deducting it from the salary of their employees," a senior official said.

The TDS regime has to be strengthened and hence such measures are important, the official said.

A big chunk of 41 per cent, in the total tax collections in the last fiscal, came from the TDS category alone.

During financial year 2012-13, Rs 2,30,188 crore tax was collected under the TDS category while the total direct taxes collections stood at 5,58,970 crore.

The department, during its recent deliberations with top I-T and CBDT officials here, has also decided to strengthen its regime for obtaining TDS from salaries of employees in order to collect more revenue under this category.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2015 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Enterprise Resource Planning Solutions ERP Solutions Enterprise Resource Planning Software Solutions ERP Software Solutions Supply Chain Management Solutions SCM Solutions Supply Chain Management Software Solutions SCM Software Solutions Enterprise Resource Planning Solutions India ERP Solutions India Enterprise Resource Planning Software Solutions India ERP Software Solutions India Supply Chain Management Solutions India SCM Solutions India Supply Chain Management Software Solutions India SCM Software Solutions India

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