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Tuesday
April 2019
3:47 AM IST
News Headlines
Shiv Sena asks govt to take over Jet Airways        Congress releases list of six candidates for Delhi Lok Sabha seats        SP-BSP-RLD, an alliance of hearts rather than parties: Akhilesh        CM Nath regime intimidating officials: Shivraj Singh Chouhan        Bairstow and Warner lead Sunrisers to 9-wicket victory        Dhoni''s 84* goes in vain as RCB win 1-run thriller against CSK        Sri Lanka serial blasts : Seven arrested over multiple blasts        Pak Prime Minister Imran Khan arrives in Iran        Serial blasts rip through Lanka on Easter Sunday: 228 dead, 450 injured        US confirms deaths of several Americans in Sri Lanka blasts        Pakistan deplores India''s decision to suspend cross-LoC trade        Multiple blasts likely to have "adverse impact" on Lankan tourism: tour operators        Kerala CM condemns terrorist attack in Sri Lanka        French Police detain over 120 people amid Yellow Vest rallies in Paris        Gunmen kill 2 in north Nigeria        Amit Shah: K Surendran represents believers all over world        Asking vote for those who insulted Ambedkar is stooping to new low: Yogi to Mayawati        Congress destroyed nation for last 60 years: Gadkari        Smith guides RR to five wicket win over Mumbai Indians        Iyer, Dhawan half centuries guide DC towards victory against Punjab        
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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.


Pakistan deplores India''s decision to suspend cross-LoC trade
Multiple blasts likely to have "adverse impact" on Lankan tourism: tour operators
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Govt to allocate 440 vacant Jet slots to other airlines
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Lenders to Jet working on revival, no final decision yet: PNB MD
UK business says Brexit extension averts crisis
Jaitley discusses India's economic reforms with investors in US
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Gold slumps Rs 80 on weak demand
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Rupee slips 22 paise against US dollar in early trade
KERALA NEWS
Kerala CM condemns terrorist attack in Sri Lanka
 Thiruvananthapuram: Kerala Chief Minister Pinarayi Vijayan on Sunday strongly condemned that terrori  
Sexist remark: Electoral Officer warns ruling LDF leader
CPI-M-led LDF holds road show in Wayanad
Toddler in coma after being beaten up; Mother arrested
INTERNATIONAL NEWS
Sri Lanka serial blasts : Seven arrested over multiple blasts
 Colombo: The Sri Lankan government said on Sunday that seven people had been arrested over the multi
Pak Prime Minister Imran Khan arrives in Iran
US confirms deaths of several Americans in Sri Lanka blasts
French Police detain over 120 people amid Yellow Vest rallies in Paris
NATIONAL NEWS
Shiv Sena asks govt to take over Jet Airways
 Mumbai: The Shiv Sena on Monday urged the NDA government to take over the temporarily grounded priva
Congress releases list of six candidates for Delhi Lok Sabha seats
SP-BSP-RLD, an alliance of hearts rather than parties: Akhilesh
CM Nath regime intimidating officials: Shivraj Singh Chouhan
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