Bhopal (Madhya Pradesh): During its survey exercise conducted almost 10 days ago, the Income Tax Department found that a mining company of Singrauli district and Bhopal Cooperative Central Bank have committed grave irregularities related to TDS. Now, the mining company and the bank are facing the heat of a penalty.
In the survey conducted against Singrauli-based Gajraj Mining Company, it was found that the company deducted TDS from the salaries of the employees from 2017-17 to 2023-24, but had not deposited it into the government account.
The I-T officers came to know that TDS sum of around Rs 675 crore has not been deposited and of this, sum of Rs 15 crore is yet to be given. It also came to fore that the company was not filing the return.
In another case, the I-T officials found that the officers of Bhopal Cooperative Central Bank have not deducted the TDS on the interest amount of FDRs. In this manner, against the sum of Rs 96 crore, the bank has been asked to deposit Rs 13.3 crore.