‘Corporate Connect for TDS Compliance,’ a programme to educate leaders from corporate sector on Tax Deduction at Source was organised by the Income Tax Department at Rajapalayam Chamber of Commerce and Industry on Friday.
S. Balasubramanian, Commissioner of Income Tax (Tax Deduction at Source), Coimbatore, who presided, provided a bird’s eye view of various provisions of TDS.
Highlighting that the provisions of TDS were simple, he said that it operated on a simple principle of ‘Deduct, Remit and File.’
He elaborated on the provisions related to non-deduction, non-remittance and non-filing of TDS.
Delivering the inaugural address, P.R. Ramasubrahmaneya Rajha, Chairman, Ramco Group, which had coordinated the meeting, highlighted the importance and advantages for the corporate sector in complying to the provisions of TDS.
S. Renga Rajan, Joint Commissioner of Income Tax (TDS), said that the government trusts the deductor to remit the tax with the government on time and stressed that better compliance in TDS will help in avoiding penalties and prosecution.
A detailed presentation on TDS was made for the participants, whose queries were later clarified by the officials.
