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New Delhi: I-T detects 3500 cr TDS default by oil, telecom firms
Income Tax Department has detected the default of more than 3,500 crore rupees in the Tax Deducted at Source, TDS at a major oil company and a telecom operator in the National Capital.
New Delhi: Income Tax Department has detected the default of more than 3,500 crore rupees in the Tax Deducted at Source, TDS at a major oil company and a telecom operator in the National Capital. The Central Board of Direct Taxes, CBDT said, in the case of the oil firm, the TDS default of about 3,200 crore rupees was detected. It said the defaults included a short deduction of tax and non-deduction of tax.
In the case of the telecom firm in Delhi, the TDS default amounts 324 crore rupees as the company did not make the required TDS of 10 percent under the I-T Act on technical contracts worth 4,000 crore rupees. The amount is further liable to go up once the inquiry is completed.
In a similar action, the IT department found that several hospitals in Delhi were openly flouting norms of TDS and Tax Collected at Source and were paying less tax to the department. The survey was done at two premier hospitals, one with more than 2,500-bed capacity and another with 700 beds. TDS defaults of 70 crore rupees and 20 crore rupees were detected in the hospitals.
The department detected similar irregularity or TDS default in the case of a real estate group of Delhi against which it conducted a survey early this week. Verification and analysis indicated outstanding TDS liability and interest payable of 214 crore rupees.
