Patna, Jul 17 (UNI) The Income Tax authorities in Bihar have expressed concern at the increasing instances of wrong calculation of TDS deduction by several public sector Banks in the state leading to huge loss of revenue to the national exchequer.
In order to inform the Bank employees about the nitty-gritty of the TDS deduction procedures, the IT department is organising a day -long seminar on the issue here tomorrow to be inaugurated by Dr S K Sinha, Chief Commissioner of Income Tax, Bihar and Jharkhand.
Elaborating the rationale behind organising the seminar, Dr Sinha said though Banks were one of the largest contributors of TDS, sudden verification of accounts and surveys carried out by the IT officials on several branches had revealed that defaults were being committed frequently by Drawing and Disbursing Officers while computing TDS.
'' This may be due to incorrect interpretation of the exact provisions of the TDS, ''Dr Sinha said adding tomorrow's seminar was being organised to clarify these issues.
The session would be followed by an interactive session with the participants, official sources here today said.
UNI ABA SJC RN1853