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Friday, December 04, 2015

Employers failed to deduct income tax from salaries can be imprisoned for 7 years.

By on Friday, December 04, 2015



The failure of paying to government of deducted source tax (TDS) from salaries of employees the employers can be imprisoned for 7 years. The Central Board of Direct Taxes, notifying the annual circular for the TDS in financial year 2015-16 on salaries, said that the employers fail to deduct the income taxes from the salaries and default in paying it will have to pay fine of equal amount.
The notification stated that, if any person fails to pay the incurred tax, or to remit the deduction on source in scheduled time, he can be imprisoned from 3 months to 7 years. It says, the submission of quarterly report on TDS for the concerning three months, the payers will have to pay the interest before.
The permanent standing parliamentary committee of finance says that the government must watch those earning class to increase the tax range; whose annual income is more than 5 lacs; and is non-TDS payers; and do the transaction in cash. The committee, headed by M Virrappa Moily, says the government had thought to increase the tax slab in many zones over the past years.
The report says, the government has understood strongly that it is the time when to search the way to accumulate the tax: mean, access fields of tax which is intact so far. The most places are non-organized or the economic zones of cash transaction.
According to the ministry, 3 of the 4 taxpayers during this time are below Rs 5 lacs income groups while only 12% of taxes by the class are collected. The standing committee feels, the revenue department was fail to maintain the views accordingly in this matter.

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