Forum: Taxation & Corporate Law Forum
Speaker: Shri Satish Goyal, IRS Commissioner Income Tax [TDS] & Chief Guest : Shri R N Jha, IRS, Pr. Chief Commissioner of Income Tax, Nagpur.
A Nation is made by Contribution of all people and every such tax collected is used in the process of Nation Building said Hon. Principal Chief Commissioner of Income Tax Shri R N Jha while speaking at an interactive meet organized by VIA Taxation and Corporate Law Forum at VIA Hall. He added that every citizen should cast his moral responsibility to pay appropriate taxes. TDS and TCS deducted or collected is actually not your income / money and thus depositing it with Government within time should not be an issue at all. He quoted that Einstein said that taxation laws are always complex and thus these interactive meets between the Department and Assessees are organized regularly.
The whole concept of TDS is “Pay as you Earn” i.e. Collection of tax in advance. He who deducts is required to deposit the tax within time said Shri Satish Goyal, Hon. Commissioner of Income Tax (TDS). The Department wishes to endure that proper deduction (D) of tax is done, deposit (D) of tax at proper time, TDS return to be filed (F) in time and finally TDS certificates are issued (I) to respective people within time. This simple concept of following DDFI regularly would avoid penalty and prosecution proceedings from the Department said Shri Goyal. He said that Income Tax Department supports genuine Tax Payers but would be stern against willful TDS/TCS defaulters. Shri Satish Goyal assured that cases for request for lower deduction of tax / no deduction of tax would be taken up at priority at Department and certificate for lower / no deduction would be issued within a period of one month.
Earlier CA Ashok Chandak while delivering his opening remarks pointed that a reasonable amount of good work has been done by Department in the current scenario. He welcomed the initiative of Income Tax Department Organizing such interactive sessions at organizational levels for the benefits of industry and professionals at large.
Shri Atul Pande, President, VIA in his welcome address briefed about the structure of VIA and the number of events VIA is conducting on a regular basis for the benefit of its members. He thanked the entire team of TDS department from Income Tax for their efforts to educate public at large through such sessions.
Deputy Commissioner Shri Johnson Kadloor made an elaborated presentation about all the latest amendment and changes in the TDS provision and use of Traces system effectively. He explained the provision with regard to TDS on transport payment which evokes multiple queries and responses. He was ably assisted by his team from TDS comprising of Officers Shri Alam Hussain, Shri Satish Bharatan & Shri Pranav Kumar.
There was a very nice round of question and answer by participating delegates and these were effectively handled by Hon Commissioner Shri Satish Goyal & Hon Joint Commissioner Shri S. K. Singh. He spoke about the initiative taken by the TDS wing of Nagpur. He explained the mechanism to get the TDS refund in the present CPC system and also appreciated the efforts of VIA in organizing the interactive meet which would help in creating awareness and improving the compliances by the taxpayer. He also advised the audience to visit the website regularly and keep themselves updated that will help in removing the technological gap. There was a large participation of delegates from all over industry as well as Professionals.
The session was co-ordinated by CA Saket Bagdia & summing up of the session along with vote of thanks was presented by Joint Secretary VIA CA Naresh Jakhotia. Prominently present on the occasion were Jethalal Rukhiyana, Chandan Patel, Mahendra Jain, Sachin Jajodia, Hemal Kothari, Abhay Agrawal, M G Jawanjar, Manoj Gattani, Vijay Baheti and others.
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