Govt. May Impose Penalty for Inaccurate TDS Returns from July 1

The government has targeted Tax Deducted at Source (TDS) details in an attempt to raise revenue. The Income Tax Joint Commissioner said that, inaccurate TDS returns may attract penalty of Rs.10,000 to Rs.1,00,000 from 1st July 2012.

At present there are no penal provisions for mistakes in both corrective and wrong TDS filings. Penal provisions have been introduced for only late filing of returns. The Income-Tax department notices that the number of wrong inputs is large and most of them are cases of willing mistakes.

TDS returns are filed quarterly and the amount deducted and the details are among the wrong inputs with incorrect PAN numbers. A person at the interactive session on TDS said that forms 15G and 15H were not necessary if the annual interest that is earned was below Rs.10,000. But several banks were insisting on the same in spite of the annual interest being below the threshold limit.

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