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soon Thousands of co-op societies may fall in I-T bracket

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Income tax department has approached registrar of cooperative societies in the state to bring thousands of registered cooperative societies under the income tax net. At present despite having it mandatory, only 2 per cent of such societies comply with income tax applicable to them for various payments or expenditure made or credited.

Despite the fact that all the registered cooperative societies have to comply with the mandatory procedure of registering PAN (permanent account number) and TAN (Tax Deduction Account Number) only 2 per cent societies have procured PAN or TAN. While addressing a press conference on Monday, the Commissioner of Income Tax (TDS) S K Singh told that there is lack of awareness on the part of cooperative societies that it is mandatory to them.

He said that there are more than one lakh deductors who deduct income tax from their client and are supposed to deposit the same in Government account. He told that these deductors are supposed to file return for the same and even though failing to file the return is not a serious crime, failing to deposit the money deducted to Government was a serious thing which was liable for interest along with penalty which is Rs. 200 per day and possible prosecution. Singh informed that his office has approached registrar of cooperative societies for ascertaining the number of registered societies so that he can write to them and inform them about necessity of filing quarterly returns and other provisions of the law. He said that he would talk to registrar of cooperative societies and try to create awareness about the mandatory procedures. S K Singh told media persons that for the further details interested can contact his office on phone numbers 020-24440332, 020-24448505 and 020-24443512.

Government officials Wake up

After the awareness drive many of the Government offices including Commissioner of Police Pune, District collector office, Pune Zilla Parishad, Pune Municipal Corporation, irrigation department and other Government offices have complied with the necessary procedure. Singh revealed that there has been quantum jump in Government deductors which include all these offices.

Mandates

The cooperative societies should file return deductors in respect of payment or expenditure made or credited.

Register PAN (Permanent Account Number)

Register TAN (Tax Deduction Account Number)

Further Information 


The income tax department website www.incometaxindia.gov.in
TIN (tax information network) website www.tin-nsdl.com
Additional Commissioner Income Tax (TDS) Pune 020-24443512
Additional Commissioner (TDS) Thane 022-24443512
Additional Commissioner (TDS) Nashik 0253-2312665



 

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