6 months ago
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The Income Tax Department organised an outreach programme successful coordination with the Railway authorities present connected Monday to explicate important taxation provisions applicable to salaried employees and the caller Budget proposals.
T. Vasanthan, Principal Commissioner of Income Tax, Madurai, stressed connected the value of punctual outgo of Income Tax, filing of returns, and claiming the close magnitude of refund. Balak Ram Negi, Divisional Railway Manager, Tiruchi, presided implicit the programme, according to a property merchandise from the Income Tax Department.
IT officials made presentations connected the provisions of income taxation relating to salaried employees. It was observed that consequent to the deduction of TDS by the employers, immoderate employees were making wrongful assertion of deduction/exemption successful the returns without documentary evidence. As a result, the full income and taxation liability were being reduced and the TDS deducted by the leader was being wrongfully claimed arsenic refund. It was an amerciable mode to trim taxation liability and liable to pull further tax, interest, punishment and prosecution, the IT officials said.
IT officials fielded questions from the participants and clarified their doubts, the merchandise added.
