Drawing and disbursing officers (DDOs), better ensure tax is deducted at source (TDS). Or else the income-tax department would make you pay the interest on the tax from your pocket.
This seems to be the message of the I-T department, which has undertaken a sensitisation drive to make the DDOs aware of their responsibilities. As part of this, the I-T’s TDS wing organised a seminar on Friday for officers of nationalised banks’ branches, except those of the State Bank of India, in Patna in which about 90 bankers took part.
“Deducting tax from the salaries as well as the interest on fixed deposits, if it’s more than Rs 10,000 a year; depositing the TDS with the I-T department; issuing certificates to persons concerned after TDS deduction and filing quarterly returns are the four-fold responsibilities of bank DDOs,” I-T’s TDS wing commissioner (Bihar-Jharkhand) S D Jha said while speaking at the seminar.
He informed the bankers that any lapse on their part would attract interest payment which might be followed by penalty and even prosecution. “This would be personal responsibility of the officer and not that of his/her employer institution,” Jha said.
Jha’s address was followed by a power-point presentation through which the participants were informed about the nitty-gritty of TDS. A question-and- answer session was also held for the bankers to clear their doubts related to TDS.
TDS has been a major contributor in direct tax collection. Its average contribution is about 40% of the total direct tax collection at the national level.
In Bihar and Jharkhand, TDS contributes about 60% of the direct tax collections. In 2008-09, the TDS contribution was Rs 1,810 crore against the total direct tax collections of Rs 2,803.7 crore from the two states. The target for the current fiscal under TDS head is Rs 1,957 crore out of the targeted direct tax collection of Rs 3,186 crore from the two states.
hello sir
sir i am doing PH.D in the subject of income tax i am doing serve for that but i have not got the sufficient answer. so sir plz help me .
my question is —
1) weakness in the indian income tax act 1961.
2) agricultural income should be tax free or not.
3) how can prevent tax evasion.
4) changes what you want to want in a deduction of gross total income, in section10 exemption, salaries income, income from housr property, profits and gains of business or profession,capital gains and income in other sources.
5) suggestion of improve income tax act 1961.
sir plz give me answer of these question as soon as it possible.
thank you
neha samaiya
hello sir
sir i am doing PH.D in the subject of income tax i am doing serve foe that but i have not got the sufficient answer. so sir plz help me .
my question is —
1) weakness in the indian income tax act 1961.
2) agricultural income should be tax free or not.
3) how can prevent tax evasion.
4) changes what you want to want in a deduction of gross total income, in section10 exemption, salaries income, income from housr property, profits and gains of business or profession,capital gains and income in other sources.
5) suggestion of improve income tax act 1961.
sir plz give me answer of these question as soon as it possible.
thank you
neha samaiya
when in case of non resident indian we can sold the shares and at that time on profit we have to pay tax i want to knw that this tax must be deucted by which authority its a by bank or by broker can anybody justify my ?