14
Wednesday
November 2018
6:32 PM IST
News Headlines
India to host Italy on grass in Kolkata        It won't be easy for Mary Kom, says High Performance Director Nieva        Sensex rebounds 332 pts on easing crude, rupee gains        Govt mulls second round of 2,500 MW medium-term PPA auction        UK says Brexit deal 'almost within touching distance'        Trump criticises Macron again over European defence remarks        Infiltration bid foiled by Army in J&K, two terrorists killed        Delhi's pollution remains 'severe' as light showers further deteriorates air quality: authorities        Flipkart Group CEO Binny Bansal quits over 'serious personal misconduct' charges        Preparing for Australia tour by watching videos: Shami        India invites Swedish companies to explore investment opportunities        Govt cancels ED officer Rajeshwar Singh's leave        175 dead, over 10,000 affected by Nigeria cholera outbreak        Lankan parties move SC against Parliament dissolution by Prez Sirisena        Delhi pollution: Task forces conducts meetings on WhatsApp for urgent decisions        PM slams Rahul, Sonia for questioning note ban; need no certificate from those on bail        70 per cent turnout in first phase of Chhattisgarh polls: EC        Union Minister Upendra Kushwaha attacks NDA ally Nitish Kumar amid reports of RLSP MLA joining JD(U)        Mining Baron Janardhana Reddy Remanded in Custody Till November 24 for 'Shielding' Ponzi Scam Accused Father-Son        Death toll hits 25 from wildfires at both ends of California        
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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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KERALA NEWS
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INTERNATIONAL NEWS
UK says Brexit deal 'almost within touching distance'
 London, Nov 13 (AP) Britain and the European Union are "almost within touching distance" of a Brexit
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NATIONAL NEWS
Infiltration bid foiled by Army in J&K, two terrorists killed
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PM slams Rahul, Sonia for questioning note ban; need no certificate from those on bail
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