A seminar on Tax Deducted at Source (TDS) was hosted by Confederation of Indian Industries (CII) for its members. Nethra Jayavarthanavelu Kumar, Chairperson of CII addressed the gathering. G. Karthikeyan chartered accountant and convenor of Economic Affairs and Taxation panel detailed about the current developments and practical challenges.
The commissioner of income tax explained the need to deduct tax for applicable payments for the appropriate amount. The lapse in deduction will lead to a penalty. He said that the remittance of income tax should be made within the due date else, it will attract a penalty. The deductor cannot use the deducted amount towards his own purposes as it will become the government's money as soon as it is deducted.
Vincent Sakey Raj, Joint Commissioner of income tax, Kalapalatha Assistant Commissioner of income tax, K.S. Nagarajan income tax officer explained the various laws and rules of TDS. An interaction session was conducted after the meeting in which the audience were able to clear their doubts about the TDS.
The commissioner of income tax explained the need to deduct tax for applicable payments for the appropriate amount. The lapse in deduction will lead to a penalty. He said that the remittance of income tax should be made within the due date else, it will attract a penalty. The deductor cannot use the deducted amount towards his own purposes as it will become the government's money as soon as it is deducted.
Vincent Sakey Raj, Joint Commissioner of income tax, Kalapalatha Assistant Commissioner of income tax, K.S. Nagarajan income tax officer explained the various laws and rules of TDS. An interaction session was conducted after the meeting in which the audience were able to clear their doubts about the TDS.