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Company MD convicted for non-remittance of taxes

Managing Director of an infrastructure company has been convicted by the Special Court of Economic Offences, Bengaluru for not remitting the Tax Deducted at Source (TDS) from customers to the governme

Published: 24th October 2017 04:56 AM  |   Last Updated: 24th October 2017 07:51 AM   |  A+A-

By Express News Service

BENGALURU: Managing Director of an infrastructure company has been convicted by the Special Court of Economic Offences, Bengaluru for not remitting the Tax Deducted at Source (TDS) from customers to the government account.

The accused, who had deducted `60.78 lakh as TDS from customers without paying it to the government, was sentenced to three years in prison and `5,000 fine.A release by Income Tax Department, which did not reveal the identity of the accused or the company, said the case of non-remittance was one among the several pending before the court. “The Income Tax Department has initiated an aggressive drive to detect cases where income tax (is) deducted but not paid into the government account within the due dates stipulated under rule 30 of Income Tax Rules, 1962,” the release said.

The regional I-T office, which covers Karnataka and Goa states, has detected violations amounting to `109.51 crore, during 161 surveys and spot inspections to the check the same, the release added.

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