Real estate firms, infrastructure, manufacturing and multi-level marketing companies have been found to have defaulted on submission of Tax Deduction at Source (TDS) to the authorities concerned. Defaults exceeding Rs. 117 crore during this financial year came to light during 335 surveys conducted by the Income Tax Department (TDS wing), Karnataka and Goa region.
The number of defaulters is 28. Each company has defaulted on more than Rs one crore. Sanction for launching criminal prosecution has been granted in 16 cases. I-T officials said cases are being filed against these 16 firms in the Economic Offence Court for failure to remit TDS.
Not just private firms, the Bruhat Bangalore Mahanagara Palike (BBMP) was among one of the biggest defaulters this year. In September 2014, the I-T department had frozen all 40 bank accounts of the civic body for non-remittance of TDS from the salaries of its employees. The dues amounted to Rs 31.5 crore.
A press release from the department said that despite many seminars, workshops and interactive sessions, many ‘large tax deductors’ have not remitted the dues to the government account within the stipulated time. It asked deductors to make proper deduction of TDS and also remit the same to the government account well before the end of the financial year.
TDS constitutes almost 50 per cent of the revenue of the Income Tax Department, Karnataka & Goa Region.
