Business
The CBDT said in a country of 130 crore people where around 6 crore returns are filed every year, only a total of 1,400 prosecutions have been filed so far for various offences under the I-T Act during this financial year.
Updated : Jan 22, 2019, 05:25 AM IST
The Income Tax department has clarified that its Mumbai TDS office has issued prosecution notices to 50 “big” cases in the past one month, where TDS has been deducted but not deposited with the government.
Refuting media reports that the Mumbai Income Tax TDS office has enmasse issued prosecution notice to small companies for default, the Central Board of Direct Taxes (CBDT) said prosecutions have been launched against four big business houses where more than Rs 50 crore of tax was collected from the taxpayers but not deposited with the government in time.
The CBDT said in a country of 130 crore people where around 6 crore returns are filed every year, only a total of 1,400 prosecutions have been filed so far for various offences under the I-T Act during this financial year.
In the last one month, only in 50 big cases prosecution notices have been issued by Mumbai I-T TDS office. Out of these, in 80 per cent of the cases the TDS tax default is above Rs 10 lakh and in 10 per cent cases, TDS default is between Rs 5 lakh and Rs 10 lakh.
In the remaining 10 per cent cases, TDS default is of more than Rs 1 crore as detected in the survey, the CBDT said in a statement.
(With Agency inputs)