ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Railways
  • World
    • Economy
    • Politics
    • Markets
  • Survey
  • videos
  • photos
  • More ...
    • VIDEOS
    • PHOTOS
BREAKING NEWS
  • Mahindra & Mahindra stock hits 52-week high as brokerages bullish on counter post Scorpio-N launch; check target prices
  • GST Council meet begins today: Know agendas of Finance Minister Nirmala Sitharaman's led two-day meeting
  • Security deposit on commercial LPG connection goes up by Rs 1050 for 19-kg cylinder; check new rates
  • Cash-starved Sri Lanka to end fuel duopoly to ease fuel shortages
  • Xiaomi 12S series set to launch with Leica cameras on July 4: Check key details here
Read in App
Business News » India News

Mumbai TDS office issued prosecution notices in 50 'big' cases in past one month: CBDT

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App

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.

 

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
Updated: Sun, Jan 20, 2019
10:20 pm
PTI
RELATED NEWS
Govt gives marketing freedom to domestic oil producers Govt gives marketing freedom to domestic oil producers
GST on online gaming, casinos, horse racing - They may be taxed like this! What Group of Ministers recommended? GST on online gaming, casinos, horse racing - They may be taxed like this! What Group of Ministers recommended?
LIVE: 47th GST Council Meeting - What happened on 1st day? What's slated for today? Latest updates from Chandigarh meet LIVE: 47th GST Council Meeting - What happened on 1st day? What's slated for today? Latest updates from Chandigarh meet
GST council clears proposal to remove tax exemptions on some items GST council clears proposal to remove tax exemptions on some items
15 more firms selected under PLI scheme for white goods 15 more firms selected under PLI scheme for white goods

LATEST NEWS

Apple iPhone 14 series launch: Check latest updates - expected release date, price, specifications and more

Opening Bell: Nifty near 15,700, Sensex drops 500 points; all sectors turn red

NSE Co-location Scam: Sebi fines exchange with Rs 7 cr, imposes Rs 5cr penalty on Chitra Ramkrishna

Buy, Sell or Hold: What should investors do with Strides Pharma, MRPL and IEX shares?

June Auto Sales Preview: PV, CV may report healthy numbers; 2-Wheeler sales likely to disappoint – Brokerages picks these auto stocks as best bet

Govt gives marketing freedom to domestic oil producers

CBDT issues circular for TDS on Virtual Digital Asset transactions outside Exchange

GST Council defers 28% rate hike on casinos, Rakesh Jhunjhunwala-backed Delta Corp share price jumps 7.5% intraday

Nriway providing hassle free platform administrative documentation for NRI

7th Pay Commission Latest News: UPSC invites applications for these Central Government posts - here is how to apply

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
© 2022. India Dot Com Private Limited. All Rights Reserved.
LIVE TV