Awareness programme organised for government and private agencies on tax deduction at source (TDS) scheme.
G.V.K. Varaprasad, Income Tax Officer, Ward-II , on Wednesday urged the deductors from the government and private agencies to make payments under the tax deduction at source (TDS) scheme before the end of March and help the government deflate the ballooning budget deficit .
Speaking at an awareness programme on the TDS here, he observed that many of the DDOs representing different government agencies and bankers were yet to comply with the TDS even as the financial year was to end in the next 10 days.Delayed payment
“As the remittances under the TDS accounted for more than 60 per cent of the country’s total annual revenues, the DDOs and deductors in the private sector were expected to play a greater role in complying with the scheme in time,” Mr. Prasad said, adding that the timely compliance would save the employees from payment of penalties. However, many DDOs attributed the delay in payment to shortage of manpower. An officer from the Punjab National Bank said the bankers were facing a lot of problems in getting the returns filed by depositors over the earnings they made over their deposits in the form of interest.Bottlenecks
It had become a difficult task for bank managers to get the depositors to file the returns before the expiry of the term of their deposits, he said. Satyanarayana, Manager of the Bazar Branch of the State Bank of India (SBI) appealed to the I-T authorities to relieve the field level bank officers of the burden of making remittances from the earnings of the depositors falling under the tax net by depending on the data readily available on the respective banker’s online platform of core banking solution (CBS).
The city Chamber of Commerce and Industry president Nerella Rajendra, D.V. Subba Rao of the city Tax Bar Association, also spoke on the occasion. T. Tandavakrishna, ITO from Rajahmundry, was in the chair.