I-T dept notice to 859 firms over TDS

The Income tax Department has issued show-cause notices to 859 companies, including private entities, government agencies and public sector undertakings, for delay in the remittance of TDS (Tax Deducted at Source).

A press release said the firms had been issued prosecution show-cause notices and 48 cases filed before the Special Economic Offences Court after the prosecutions were sanctioned. According to the Income Tax rules, all sums deducted as income tax should be paid to the credit of the Centre within seven days from the end of the month in which the deduction is made or before the prescribed date. “The department is taking strict action against firms which divert TDS to their businesses or other purpose.

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