Jamshedpur, Mar 17: Income Tax commissioner (TDS) Sanjay I Bara said that not deducting TDS and depositing it in Central government account is a serious crime and there is provision of punishment, penalty and levy of heavy interest for violators.
The IT official was addressing a workshop on TDS organised by Singhbhum Chamber of Commerce and Industries at Chamber Bhawan in Bistupur on Wednesday.
The IT commissioner (TDS) further said that TDS has to be deducted and deposited every quarter and deposited the next month seventh day.
The IT inspector Himanshu Mishra showed through presentation details about TDS deduction and depositing to the members.
They also said that salary employees will not feel the pinch if 10 per cent of their salary is deducted as tax and everybody should deduct their tax in the forms of provisions laid out for TDS and deposit it in the account of Central government.
The workshop was attended by chamber officials, chartered accountants and other IT officials.
