TDS collection in Bihar goes up by 70 pc

Patna, Sep 5: Corporate bodies in Bihar have registered a record 70 per cent growth in the collection of 'Tax Deducted at Source' (TDS) during the current fiscal.

This was disclosed here last night by Director General of Income Tax (Investigation), Patna Circle, Anjani Kumar while inaugurating a function to announce the top 100 income tax deductors in the state.

Highlighting the scenario at the national level, he said at the all-India level the net income tax collection in the first four months of the current fiscal stood at Rs 71,648 crore against Rs 48,756 crore during the corresponding period of last year.

For the Bihar region, which includes Jharkhand, the net collection figure as on August 30 this year was to the tune of Rs 823 crore, up from Rs 697 crore over the corresponding period of last year.

Of these, Mr Kumar said, the share of TDS was Rs 645 crore as compared to Rs 558 crore during the same period last year.

Making an appeal to the corporate sectors to fulfil their legal obligation with sincerity to ensure that TDS collection in the state went up further, Mr Kumar pointed out that certain companies of emerging sectors were, however, lagging behind in making appropriate deductions.

These sectors included telecom, infrastructure, housing, NBFCs and leasing and non-banking financing companies, he said.

Also speaking on the occasion, Commissioner of Income Tax (TDS), Patna, Ujjal Chowdhury underlined various other aspects of TDS where compliance had been generally poor.

TDS on rentals, calculations of perquisites and e-filing of quarterly TDS returns were some of the defaults that were being noticed regularly, he said and cautioned that failure to discharge statutory responsibilities would attract firm action by way of interest, penalty as well as prosecution.

UNI