21
Thursday
February 2019
11:18 AM IST
News Headlines
Saudi Arabia increases India''s Haj quota to 2 lakh after Modi-Salman talks        SC collegium transfers high court judges        Security of 18 separatists, 155 political leaders withdrawn        Crown Prince orders release of 850 Indian prisoners from Saudi jails        Putin says Russia to take measures if US deploys missiles        Jadhav''s death sentence based on ''extracted confession'', should be annulled: India tells ICJ        Israel strikes on Gaza arson balloons launchers, no injuries reported        Taylor surpasses Fleming becomes highest ODI scorer for NZ        ICC keeping a close watch on India-Pakistan situation ahead of WC        Vivo unveils V15Pro with Industry-first 32 MP pop-up selfie camera        Tripura gets Rs 85 crore Mega Food Park        India, Saudi Arabia ink MoUs for cooperation in tourism, broadcasting        Bernie Sanders enters 2020 US presidential race : Reports        Sixteen states sue Trump over border wall emergency        Djokovic wins his fourth Laureus World Sportsman of the Year        Pakistan shooters not taking part in New Delhi World Cup        Pulwama attack masterminded by Jaish, ISI: corps commander        Cricketer-turned-politician Kirti Azad joins Congress, calls it ''ghar wapsi''        Salve exposes Pak military courts at ICJ, says judges don''t even need law degree        RBI pays Rs 28,000 cr interim dividend to govt ahead of elections        
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Business News
Mumbai TDS office issued prosecution notices in 50 ''big'' cases in past one month: CBDT
 
New Delhi, Jan 20 (PTI) The Income Tax department Sunday said its Mumbai TDS office has issued prosecution notices in 50 "big" cases in the past one month where TDS has been deducted but not deposited with the government. Refuting media reports that the Mumbai Income Tax TDS office has enmasse issued prosecution notice to small companies for default, the Central Board of Direct Taxes (CBDT) said prosecutions have been launched against four big business houses where more than Rs 50 crore of tax was collected from the taxpayers but not deposited with the government in time.

“In the last one month, only in 50 big cases prosecution notices have been issued by Mumbai IT TDS office. Out of these, in 80 per cent of the cases the TDS tax default is above Rs 10 lakh and in 10 per cent cases, TDS default is between Rs 5 lakh and Rs 10 lakh. “In the remaining 10 per cent cases, TDS default is of more than Rs 1 crore as detected in the survey,” the CBDT said in a statement. The CBDT said that Mumbai Income Tax TDS office has issued prosecution show cause notices only in a “limited number of big cases” where more than Rs 5 lakh of tax was collected as TDS from employees etc but the same was not deposited with the Income Tax Department in time. “Prosecutions have also recently been launched against four big business houses where more than Rs 50 crore of tax was collected from the taxpayers and yet not deposited with the Government in time.

“But such legal and rightful action is being unfortunately projected in the media by the vested interests as if the department is going overboard to harass small employers,” the CBDT said. It said that deducting taxes from employees and other taxpayers and not depositing the same in time in the government treasury is an offence punishable under the law. “It also affects interest of the employees from whose salary the tax has been deducted by the unscrupulous employers who have not deposited the same in time in the government treasury,” the CBDT said. If the TDS is not deposited in time, the employee would be ineligible for claiming credit of the tax deducted when he files his own return, it added.

The CBDT said in a country of 130 crore people where around 6 crore returns are filed every year, only a total of 1,400 prosecutions have been filed so far for various offences under the Income Tax Act during this financial year. “This, by any stretch of imagination, cannot be termed as mass harassment by the Income Tax department. Therefore, to say that prosecution notices enmasse have been sent to taxpayers for minor defaults is completely incorrect and misleading,” the CBDT added.


Vivo unveils V15Pro with Industry-first 32 MP pop-up selfie camera
Tripura gets Rs 85 crore Mega Food Park
India, Saudi Arabia ink MoUs for cooperation in tourism, broadcasting
RBI pays Rs 28,000 cr interim dividend to govt ahead of elections
Pak has no official info about India withdrawing MFN status: top trade official
Dollar changes hands in mid-110 yen range in early trade in Tokyo
Pulwama attack: Trade body announces bandh in 18 states on Feb 18
Indian Bank revises interest rate on domestic term deposits
Asia''s largest textile expo from Feb 22
Karnataka government for revial of defunct Falcon Tyres Ltd in Mysuru
HPCL to set up LPG bottling plant in Odisha
A380 Airbus abandons iconic A380 superjumbo, lacking clients
Mills to sell sugar at Rs 31/kg now from Rs 29 earlier: Paswan
IndiGo cancels around 130 flights for Friday
Tata Trusts Managing Trustee R Venkataramanan quits
IndiGo cancels 49 flights on Wednesday
Sensex, Nifty turn cautious ahead of IIP, inflation data releases
Gold futures on weak global cues, profit-booking
Tata Motors to supply electric buses to Lucknow City Transport Services
Govt aims to fetch Rs 5,316 cr through part-sale of Axis Bank stake
KERALA NEWS
Fire breaks out in a QRS showroom
 Kottayam: A major fire broke out in QRS showroom at Thirunnakkara in Kottayam on Monday evening. On  
Flash Hartal in Kerala: Stray incidents of violence reported
Thousands bid emotional farewell to CRPF jawan in Kerala
Religious practices should be respected: Smriti Irani
INTERNATIONAL NEWS
Putin says Russia to take measures if US deploys missiles
 Moscow: Russia does not intend to be the first to place missiles in Europe but will develop its defe
Jadhav''s death sentence based on ''extracted confession'', should be annulled: India tells ICJ
Israel strikes on Gaza arson balloons launchers, no injuries reported
Bernie Sanders enters 2020 US presidential race : Reports
NATIONAL NEWS
Saudi Arabia increases India''s Haj quota to 2 lakh after Modi-Salman talks
 New Delhi: Saudi Arabia on Wednesday increased India''s Haj quota by about 25,000, the third hike in
SC collegium transfers high court judges
Security of 18 separatists, 155 political leaders withdrawn
Cricketer-turned-politician Kirti Azad joins Congress, calls it ''ghar wapsi''
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