TDS recovery up by 80 pc | india | Hindustan Times
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TDS recovery up by 80 pc

REVENUE COLLECTION by the Bhopal charge of the Income Tax Department under Tax Deducted at Source (TDS) increased by 80 per cent during the current fiscal. During the year, the department also unearthed several anomalies in income tax figures presented by several mandi committees, cooperative institutions and also by public sector banks.

india Updated: Mar 04, 2006 15:45 IST

REVENUE COLLECTION by the Bhopal charge of the Income Tax Department under Tax Deducted at Source (TDS) increased by 80 per cent during the current fiscal. During the year, the department also unearthed several anomalies in income tax figures presented by several mandi committees, cooperative institutions and also by public sector banks.

The department is taking necessary steps in these cases, said a PIB release issued here today. In a resent survey conducted, the department found that many banks have failed to deduct TDS on huge fixed deposits of mandi committees.

When the banks concerned were contacted by the IT Department officials, they alleged that mandi committees misled them, said the release.

In a separate incident it was found that the a mandi committee declared Rs 84 lakh as its taxable income but deposited only Rs 35 lakh. The department has seized the documents of that mandi, the release added.

The defaults which have been identified showed that there is short deduction under the various provisions of the IT Act. In some cases organization surveyed already deposited the required tax.

The Income Tax Department is monitoring the collections under this head and the TDS surveys conducted at various places have shown that the employees/organizations are not fully conversant with the provisions of TDS.