BANGALORE: In a path-breaking investigation, with all-India ramifications, sleuths from the Income Tax department (Bangalore circle) have found that a private airline had not remitted to the government a part of the tax it has been deducting at source for over the past eight years. The TDS default and the interest on it amounts to around Rs 37 crore.
Taking a cue from this investigation, the IT department has now initiated a survey into the accounts of all the airlines in the country.
The investigation — conducted by Pradeep P Aspatwar, assistant commissioner of income tax (TDS), Bangalore, last year — has been adjudged one of the 10 best cases of TDS order and survey conducted across the country. It was presented the appreciation award by the finance ministry in Delhi on Wednesday. Since 2001, the airline has been deducting tax at source on payments of salaries, interest, rent, professional fees and payments made to the contractors. However, this money had not been remitted to the government account.
The account statements of the airline were taken up by Aspatwar for investigation. A 15-day audit revealed that company had been defaulting for eight years. The company had evaded TDS remittance of around Rs 18.5 crore. This attracted an equal interest of Rs 18.5 crore, bringing the amount due to Rs 37 crore. Notices have been served on the airline for non-remittance of tax to the government under Income Tax Act, TDS provisions.
Source: http://timesofindia.indiatimes.com/Business/Private_airline_not_submitting_TDS_to_govt/articleshow/4090513.cms
Taking a cue from this investigation, the IT department has now initiated a survey into the accounts of all the airlines in the country.
The investigation — conducted by Pradeep P Aspatwar, assistant commissioner of income tax (TDS), Bangalore, last year — has been adjudged one of the 10 best cases of TDS order and survey conducted across the country. It was presented the appreciation award by the finance ministry in Delhi on Wednesday. Since 2001, the airline has been deducting tax at source on payments of salaries, interest, rent, professional fees and payments made to the contractors. However, this money had not been remitted to the government account.
The account statements of the airline were taken up by Aspatwar for investigation. A 15-day audit revealed that company had been defaulting for eight years. The company had evaded TDS remittance of around Rs 18.5 crore. This attracted an equal interest of Rs 18.5 crore, bringing the amount due to Rs 37 crore. Notices have been served on the airline for non-remittance of tax to the government under Income Tax Act, TDS provisions.
Source: http://timesofindia.indiatimes.com/Business/Private_airline_not_submitting_TDS_to_govt/articleshow/4090513.cms
No comments:
Post a Comment