VIA Taxation & Corporate Law Forum & Income Tax (TDS) Circle-1 & 2, Nagpur jointly organised an Interactive Session on “Common issues in TDS” today at VIA Auditorium, Nagpur.
Hon’ble Chief Guest Mahua Sarkar, Commissioner CIT (TDS), Nagpur in her opening remarks said that she is happy for the Growth of industries in Vidarbha be it Manufacturing, Trading or Service sector. She further appreciated that Vidarbha ‘s contribution in collection of TDS & TCS is above the average of Gross Indian Collection of TDS & TCS. In her remarks she added that the industries should comply to TDS provisions and save interest on account of late payment and late fees etc which is actually a loss to business community.
Venkateshwar Rao ACIT (TDS) informed about the outstanding demand of Nagpur Charge on account of TDS short deduction/ remittance, Interest & Late fees etc. He insisted the industry to comply the issues at the earliest and must make sincere efforts to nullify the demand, to avoid legal consequences for not making tha payment in time.
Prerna ACIT(TDS) has made an exhaustive and elaborate presentation about various provisions of TDS, the TDS rates applicable, threshold limit as applicable to various payments. She has also covered the Recent updates in TDS Provisions under IT Act 1961, to comply with various TDS Provisions and Emerging issues on TDS/TCS, etc. She also discussed in detail about various penal provisions and the mode of resolving the issues. She also discussed about the consequences of non-reporting and erroneous reporting in the TDS returns.
The session was an interactive wherein the participants enthusiastically participated and provided various valuable suggestions for improving the TDS provisions which were appreciated by the Hon’ble CIT(TDS). She has asked the participants to give the suggestions in writing to the department and which will be taken up at appropriate level.
At the outset, President VIA Shri Vaibhav Agrawal welcomed the participants and expressed concern over the changing Tax Laws & its interpretation keep changing.
Question and answer session was taken by Shri Rishi Bisen, Addl. CIT, Range-1, TDS & Debyendu Ghosh, JCIT, Range-2, TDS. Q & A session was assisted by various Income Tax Officers namely Shri Raghunadan, Shri Shashibhushan Ojha, Seema Pramod, & Rashmi Daryani and other departmental officers and officials. Lots many questions & issues were resolved during the question and answers session. And the participants expressed that the session was very useful in understanding resolving issues relating to TDS.
Earlier, CA Naresh Jakhotia, conducted the proceedings and briefed about various programs and initiatives taken by the Tax Forum of the VIA. CA Sachin Jajodia, Convener – VIA Tax Forum presented the formal vote of Thanks.
The session was attended by Trade, industrial fraternity and took advantage of the session. Representatives from various industries like Kapilansh Dhatu Udyog Pvt Ltd, MSEDCL, Ankseals Pvt Ltd., C P Foundry, Minar Hydro System. Prominently present on the occasion were CA Mahendra Jain, CA Saket Bagadia, Vaibhav Agrawal, Sandip Jotwani, Yash Verma, Kaushal Mohta, Omprakash Agrawal, Saurabh Kasturiwala, Satish Sarda, Madhav Vinchore, Atul Deo, Ajit Gokran, Hemant Dasture and lot many industrialist & professional.
