In the last two years, over 600 prosecutions were initiated here, with nearly 200 deductors admitting to their offence and paying hefty compounding fees, the Commissioner of Income Tax (TDS), Panaji, Bhavna Yashroy, said on Friday.

Speaking at a seminar on public awareness on issues related to TDS (Tax Deducted at Source) at Socorro, near Panaji, Ms. Yashroy said that the department has launched prosecutions against errant deductors.

The seminar was aimed at tax-payer capacity-building with respect to the use of the TDS portal called TRACES.

At the same time, Ms. Yashroy said that a majority of the deductors in Karnataka and Goa have shown increased compliance with TDS provisions and more e-TDS returns are filed in time.

“However, some deductors continue to be non-compliant, which causes a loss to the exchequer, and results in deductees not getting credit for taxes deducted in their income tax returns,” she said.

The department has also conducted a series of surveys which have resulted in major TDS defaults being detected across sectors such as banking, hospitality, civil contractors, sugar factories and transporters, she said.

“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 the case of deductors who show substantial decline in TDS or late deposit, inquiries have been initiated,” said the Commissioner.

TDS contributes nearly 45% to the total direct tax collections and is an important revenue source in nation building, said Ms. Yashroy.

 

 

Source: The Hindu