Home Income tax Individual Income Tax Revenue Tax Division units goal of fifty Instances per AO for TDS Verify

Revenue Tax Division units goal of fifty Instances per AO for TDS Verify

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Revenue Tax Division units goal of fifty Instances per AO for TDS Verify

Revenue Tax Division units goal of fifty Instances per AO for TDS Verify

The Revenue Tax Division has set a goal of fifty Instances per Assessing Officer (AO) for survey/On-line TDS Verification. 16 parameters have been prescribed on the idea of which, the survey can happen.

The Parameters embrace detrimental TDS progress towards wholesome advance tax cost, circumstances on sick working items, and items with low or detrimental revenue margins. Instances exhibiting detrimental TDS developments will even be included.

Instances the place a decrease TDS Certificates was availed and Excessive Advance Tax was deposited may very well be a Pink Flag:

Instances the place a decrease tax deduction certificates was taken and a Excessive Advance Tax or self-assessment tax was deposited can be examined. TDS returns with frequent revisions will even be beneath the watch.

Penalties of failure to deduct or pay is handled by Part 201. As per part 201, if any one who is liable to deduct tax at supply doesn’t deduct it or after so deducting fails to pay, the entire or any a part of the tax to the credit score of the Authorities, then, such particular person, shall be liable to pay easy curiosity as given beneath:

  • Curiosity shall be levied at 1% for each month or a part of a month on the quantity of such tax from the date on which such tax was deductible to the date on which such tax was deducted.
  • Curiosity shall be levied at 1.5% for each month or a part of a month on the quantity of such tax from the date on which such tax was deducted to the date on which such tax was really remitted to the credit score of the Authorities. In different phrases, curiosity can be levied at 1% for each month or a part of a month for delay in deduction and at 1.5% for each month or a part of a month for delay in remittance after deduction.

As per part 201, a payer who fails to deduct complete or any a part of the tax at supply is handled as an assessee-in-default.

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