Income Tax Department organises TDS awareness program

Business MInutes

The Additional Commissionerate of Income Tax, TDS Range-3, Chennai, in association with Shreyas Management Consulting Services conducted Income Tax-TDS Awareness Program on 15-02-2024 (Thursday) for the benefit of Income-tax deductors of various business sector at Quality Inn Sabary Grand, T Nagar, Chennai.

Chief Guest, Sh R Rajamanohar, Deputy Commissioner of Income Tax, TDS Circle 3(1), Chennai delivered Keynote Address. During his address, he requested the Income Tax Deductors to adhere to the various TDS and TCS provisions of the Income Tax Act,1961 in their business transactions like payments, receipts, etc., scrupulously as an agent to the Central Government and thereby contributing the nation building in a very effective manner. He has stressed the need for a deduction of tax at a higher rate, wherever it is warranted. Further, he has highlighted the absolute requirement of payment of TDS/TCS dues into the Central Government Account in time, filing of error-free quarterly TDS / TCS statements and issue of certificates in a time bound manner.

Advocate Sh N V Balaji delivered Special address. Sh L Rajaraman, Income Tax Officer, Sh K Sendhil Kumar, Income Tax Officer & Sh T V Sridhar, Income Tax Officer are delivered their address under the topics, Specific view on TDS & TCS under the Income Tax Act, 1961, Duties and Responsibilities of Income-tax deductors, TDS non-compliance and its consequences in a lucid manner with Power Point Presentation.  During their address, special focus was made on insisting the tax deductors to deduct at higher rates of deduction of tax u/s 206AA / 206CC (non-furnishing of PAN, invalid PAN, or inoperative PAN of deductees) & u/s 206AB / 206CCA (non-furnishing of return of income by the deductees).

Smt J Janaki Karthigeyan, TDS consultant addressed the participants under topic Income-tax TRACES portal and explained in detail how the income tax deductors shall carry out their duties in the TRACES portal, like, filing of quarterly statements without any mistakes, reduction of infructuous demands raised, finding out the specified persons for higher rates of deduction of tax.

CA T R Srinivasan delivered vote of thanks.


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