MAHUA Sarkar, Commissioner of Income Tax (CIT) (TDS), said that she is happy for the growth of industries in Vidarbha be it manufacturing, trading or service sector. She also appreciated Vidarbha’s contribution in collection of TDS and TCS which was above the average of gross Indian collection of TDS and TCS.

Sarkar was speaking at a session on ‘Common issues in TDS’ organised by VIA Taxation & Corporate Law Forum on December 15 at VIA Auditorium, Udyog Bhawan. She further said, “Industries should comply with TDS provisions and save interest on account of late payment and late fees etc., which is actually a loss to business”.

Venkateshwar Rao, ACIT (TDS) informed about the outstanding demands on account of TDS short deduction/ remittance, interest, late fees etc. He insisted the industry to comply the issues at the earliest and make sincere efforts to nullify the demand and to avoid legal consequences for not making the payment in time.

Prerna ACIT (TDS) gave a presentation about various provisions of TDS, TDS rates applicable, threshold limit as applicable to various payments.

She also covered the recent updates in TDS provisions under IT Act 1961, to comply with various TDS provisions and emerging issues on TDS/TCS, etc. She also discussed in detail about various penal provisions and the mode of resolving the issues. She also discussed about the consequences of non-reporting and erroneous reporting in the TDS returns. At the outset, President VIA Vishal Agrawal welcomed the participants and expressed concern over the changing tax laws.

Earlier, CA Naresh Jakhotia, conducted the proceedings and briefed about various programmes and initiatives taken by the Tax Forum of the VIA. CA Sachin Jajodia, Convener - VIA Tax Forum presented the formal vote of Thanks.