INCOME TAX OFFICE ASK BANK TO SUBMIT TDS

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.
Share on Google Plus

About Nitin Aggarwal

    Blogger Comment
    Facebook Comment

0 comments:

Post a Comment