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November 2018
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News Headlines
India in Australia: Kohli promises to not start arguments, only finish them        At Least Two Killed, Eight Injured In Blast In Karachi        Centre's New Move May Escalate Feud With RBI Ahead Of Board Meet: Report        'Gaja' crosses coast, rainfall pounds TN, 22 dead        Sabarimala board to move SC, buy time to implement order        Sabarimala board to move SC, buy time to implement order        Sindhu crashes out; Srikanth, Sameer enter quarterfinals of Hong Kong Open        No more chopping and changing till World Cup: Ravi Shastri        Air India eyes Rs 800 cr from sale of over 70 properties        Intel India opens design house costing Rs 1,100 cr at B'luru        US, China see rival visions for entwined Asia-Pacific region        Imran Khan to visit Malaysia next week; likely to seek monetary aid        EC removes Mizoram chief electoral officer after protests        Lankesh murder accused sent to SIT custody in Pansare case        Agri sector needs long-term solutions, loan waiver temporary: Naidu        Top India, China officials hold defence, security dialogue, agree to step up military exchanges        Jailed Om Prakash Chautala Expels Older Son For "Anti-Party Activities"        ISRO Launches Communication Satellite, Has 'Geo-Eye' To Monitor India        US Vice President Mike Pence takes Myanmar’s Aung San Suu Kyi to task over treatment of Rohingya        Sri Lankan Parliament passes no-trust vote against Rajapaksa        
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Business News
Company director sent to 6 months jail for TDS default
 
New Delhi, Aug 29 (PTI) A court here has sentenced the director of a real estate firm to six months of rigorous imprisonment (RI) for allegedly failing to deposit over Rs 50 lakh TDS in time to the Income Tax Department.

A senior official of the department said the director of the firm, engaged in building construction services, has been convicted recently by the court as his firm "committed default in timely deposit of tax deducted at source (TDS) of Rs 50,61, 876".

"The company and its director have been asked to pay a fine of Rs 1 lakh each and the director has been sentenced to RI of six months," he said.

The official did not disclose the identity of the executive or his firm.

The man and the company have been charged under IT Act's sections 276B (failure to deduct and pay tax) along with section 278B (offences by companies).

The court, the official said, observed that the offence under section 276B is "complete" when TDS is not deposited on time and a company cannot be allowed to take unfair advantage and use the tax amount so deducted for any other purposes.

In a similar case of TDS default, an executive of an advertising company based here has been sent to jail for non-compliance of the law, he said.

The tax department has, in the recent past, stepped up enforcement and prosecution action against TDS default cases as this category of revenue contributes to over 43 per cent of the total direct taxes collection in the country.

"In Delhi, the TDS wing of the department has launched more than 150 prosecution proceedings against defaulters during the April-July period.

"We have, in this region, the highest number of compounding applications in India from the TDS defaulters who have opted to compound their offence by paying additional penalty in order to avoid impending prosecution proceedings," Principal Chief Commissioner S S Rathore said.

As per rules, the TDS has to be paid to the credit of the central government (IT Department) within seven days from the end of the month in which the deduction is made.

The section 278B of the IT law allows for an imprisonment of the defaulter or the nominated TDS deducting officer for a maximum of 7 years.


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INTERNATIONAL NEWS
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NATIONAL NEWS
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