Jet Airways faces IT dept scrutiny over TDS defaults
PrintListen to this Article
The notice was served to the Mumbai-headquartered airline after tax personnel said they detected “several irregularities” in TDS payments by the private carrier. “We have issued a prosecution notice to Jet for TDS default for the previous three financial years of 2008, 2009 and 2010, as well as the ongoing one,” the sources said.
These notices are apart from the two issued to Jet earlier for delay in TDS payments during 2013 and 2014, they said. The airline has paid the TDS but mostly after the scheduled payment date, said the sources.
Jet Airways, in its response, said it was up-to-date on TDS payments and that it was discussing the (notice) issue with the tax authorities. Jet Airways (India) Ltd has paid all of its TDS dues, including interest, to the income tax authorities. As of date there is no TDS amount overdue for payment. “Since Jet Airways is in dialogue with the income tax authorities, it is inappropriate for Jet to comment any further,” a Jet Airways spokeperson said in an e-mail.
As per the rule, retention of the government dues beyond the scheduled payment date is an offence liable for prosecution under
Section 276B of the Income Tax Act, 1961 and the defaulter, if convicted, can be sentenced to rigorous imprisonment for up to seven years.
Category : TDS | Comments : 0 | Hits : 590
The Delhi High Court on Tuesday upheld Tax Deducted at Source (TDS) on External Development Charges (EDC) in a real estate project. This means that home buyers will have to bear the burden of TDS. A division Bench of Delhi High Court Comprising Justices Yashwant Varma and Purushaindra Kumar Kaurav upheld that Section 194C is applicable to EDC paid by real estate developers to Haryana Urban Development Authority. “We negative the challenge raised in these writ petitions in so far as the ...
The finance ministry on June 28 said that the higher Tax Collected at Source (TCS) on overseas spending will now be implemented three months after the original deadline of July 1. At the same time, the finance ministry also said that transactions conducted via international credit cards while abroad will not be counted under the Liberalised Remittances Scheme (LRS). As such, these transactions would not be subject to TCS even after October 1. "To give adequate time to Banks and Card n...
There are reports in certain sections of media wherein certain doubts have been raised regarding the applicability of the provisions relating to Tax Collection at Source (TCS) on certain goods introduced vide Finance Act, 2020. This press note is being issued to clarify those doubts about the applicability of these provisions. Finance Act, 2020 amended provisions relating to TCS with effect from 1st October, 2020 to provide that seller of goods shall collect tax @ 0.1 per cent (0.075% up to 3...
More than 82 per cent of individual taxpayers faced TDS mismatch problems during the last three years resulting in disallowance of refund and the creation of avoidable harassment of taxpayers, the latest CAG report on the Department of Revenue has pointed out. The apex audit body in its report tabled in Parliament last week also said the actual reasons of the large scale mismatch could not be ascertained because of non-submission of the relevant data by the ministry to the CAG. While launc...
Amendments in TDS Provisions by Finance Act 2020 discussed by CA.Saloni Varshney. Watch the Video,,,, https://youtu.be/LUcxlQUSc4I
Comments