Quick Summary
TDS Surveys by Income Tax Department unearths huge defaults in deduction and deposit In a major breakthrough, the Tax Deducted at Source (TDS) wing of the Income Tax Department has unearthed default of TDS of Rs 324 crore in the case of a major Telecom Operator in Delhi. The company did not make
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FAQ :
The TDS department has unearthed a default of £324 crore from a major telecom operator in Delhi.
The company failed to deduct the required 10% TDS under Section 194J on technical contracts worth £4,000 crore.
Yes, several hospitals and a prominent Real Estate Group in Delhi were also found to be flouting TDS and TCS norms.
TDS defaults of £70 crore were detected in one hospital for not deducting TDS on construction contracts, and £20 crore in another for deducting tax at a lower rate on doctors' salaries and maintenance contracts.
The Real Estate Group had deducted tax but failed to deposit it into the government account, leading to an outstanding liability and interest payable of £214 crore, primarily related to interest on outstanding loans.
TDS contributes over 45% of the total direct tax collection in the country, highlighting its importance.
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