Managing Director of M/S Kitty Steels Ltd., Hyderabad  Sentenced for 3 Months along with the Fine of Rs. 5000/- Each for the Two Offences Committed under Section 276B and 276C of the Income Tax Act.

The Court of the Special Judge, Economic offences, Nampally, Hyderabad has sentenced the Managing Director of M/s Kitty Steels Ltd., Hyderabad to rigorous imprisonment for 3 months along with the fine of Rs. 5000/- each for the two offences committed under section 276B and 276C of the Income Tax Act. The assessee company had deducted tax at source from the salaries, dividends and payments made to the contractors, but had not deposited the tax so deducted to the credit of the Central Government within the prescribed time. The assessee company had also failed to issue the requisite certificates of TDS u/s 203 of the Income Tax Act. The Hon’ble Court, after hearing both sides and perusing the documents came to the conclusion that the assessee had willfully attempted to evade the payment of tax and had committed offences punishable u/s 276B and 276C(2) of the Act.

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Category : Income Tax (27925)
Type : News (13807)
Tags : TDS (1074)

0 responses to “Company MD jailed for TDS default”

  1. V.Ramakrishnan says:

    Such law is not applied defaulters who are governments.Most of the state and central governments local authorities are not adhering to law at all.One thing with authorities like panchayat body clerical staff swindle the money and the local fund audit department does not care at all. Even the local level police authorities and revenue department many of them do not have Tax Deduction Number at all.

  2. SRIDHAR says:

    TDS on salary will be due for payment, when the salary is paid to the employee. If employer has not paid salary to employee, then the payment of TDS will be postponded till the date of payment of salary as per Income Tax Act.

  3. SRIDHAR says:

    TDS on salary will be due for payment, when the salary is paid to the employee. If employer has not paid salary to employee, then the payment of TDS will be postponed till the date of payment of salary as per Income Tax Act.

  4. SRIDHAR says:

    TDS on salary will be due for payment, when the salary is paid to the employee. If employer has not paid salary to employee, then the payment of TDS will be posted till the date of payment of salary as per Income Tax Act.

  5. AR says:

    Ha … but Jus Leavin all the Big fishes conviniently slip through …….. I concur with Jay .. Materiality has jus gone for a toss …

  6. venkataraman k says:

    There is one saying in tamil “orukku ilaithvan pillaiyar koil andi”. i.e you can do anything with the less privileged, but the political and unethical practicing business people escape everything.
    venkataraman k

  7. jay says:

    If default is in crores of rupees like Vijay Mallya Of KFA, then the assessee is given royal treatment. KFA has not paid salaries, not remiitedd TDS, not paid service tax, list goes on.. – but still treated like a king – no one dare touch.
    THe moral is – whther crime or corruption or default – should not be small but HUGE so that no one dare touch. Satutory compliances are subject to the value and proportion of the default – smaller the default, greater the punishment; larger the default, royal the treatment.

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