Seminar held for compliance by banking and insurance firms
27 Jan, 2014 11:11 AM
A seminar was held for tax procedures, policies and TDS/TCS issues related to banking and insurance companies under Income Tax Act at Institute of Chartered Accountants of India on Saturday.

Account officers and employeees from branches of banks and insurance companies were present at the seminar.

Indore branch chairman CA Manoj P Gupta said that if the deductee's PAN is not available or invalid then it will be assumed that the deductee has not furnished his PAN to the deductor and 20% TDS will be deductible.

On furnishing incorrect information (wrong PAN and amount) in TDS return, effective from 1st lakh may be imposed U/s 271H(1)(b). If a person has failed to deduct whole or any part of TDS and filed the TDS statement then order against it can be passed in six years from the end of the financial year in which the gross payment (without TDS) is made or credited and no TDS statement has been filed. This time limit of 6 years is extended from 4 years wef from 1 April 2010.

If a bank has not deducted TDS, penalty equal to TDS amount under section 271(C) can be imposed wef July 1 2012.
Source : The Times Of India

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