The Commissioner of Income Tax Bhavna Yashroy, on Friday, said that TDS contributes nearly 45 per cent to the total direct tax collections, and is an important revenue source for the nation building.
Yashroy was addressing the gathering at the seminar organised by the office of Commissioner of Income tax, TDS, Panaji, for creating public awareness on the issues related to tax deducted at source, at the Socorro Panchayat Hall.
The seminar was aimed at tax payer capacity building with respect to the use of the TDS portal popularly called TRACES.
The seminar was inaugurated by Yashroy, Sandeep Bhandare, president of Goa Chamber of Commerce, Sanjeev Kamat, director of Kamat Group and Meghanath Chowhan, Additional Commissioner of Income Tax.
Speaking further, the Commissioner of Income Tax mentioned that majority of the deductors in Karnataka and Goa region have shown increased compliance with TDS provisions, and more e-TDS returns are found to be filed in time.
“However, some deductors continue to be non-compliant, which causes a loss to the exchequer, and results in deductees not getting the credit for taxes deducted in their income tax returns.
“The department has initiated strict action against such TDS defaulters by way of launching prosecutions against the errant deductors. In the last two years, over six hundred prosecutions were initiated in jurisdiction of CIT (TDS) Panaji, and out of the same, nearly two hundred deductors have admitted to their offence and have gone for compounding of the offence after paying hefty compounding fees.”
“The department has also conducted a series of surveys which have resulted in major TDS defaults being detected across sectors such as the banking sector, hospitality sector, civil contractors, sugar factories and transporters, among others.”
“Last month itself, over 50 surveys have been conducted in the region. The department is continuously identifying and taking stringent action against deductors who are not depositing TDS. Even in case of deductors who show substantial decline in TDS or late deposit of TDS enquiries have been initiated,” Yashroy added.
Over three hundred drawing and disbursing officers from government and industry, CAs, tax practitioners and members of various trade organisations from across Karnataka and Goa attended the seminar.
There was a presentation and workshop by personnel from the Centralised Processing Centre (CPC), Ghaziabad, followed by an interactive session to address tax payer queries.
Participants could get their doubts regarding use of TRACES portal clarified from the CPC team led by Saurabh Arora, Income Tax officer.
There was enthusiastic participation from the invitees and their grievances/queries were largely redressed during the seminar. The vote of thanks for the event was proposed by Chowhan.
Source:: The Navhind Times