Indore (Madhya Pradesh): The Association of Industries, Madhya Pradesh (AIMP) organised a seminar on provisions of tax deduction at source (TDS) in income tax, on Tuesday.
The officials of the income tax department explained the new provisions of TDS to the industrialists and representatives of industries. They also provided solutions to their queries.
The seminar was organised at the office of AIMP, where income tax officer Kailash Meena explained that often the taxpayer commits a mistake in entering PAN, TAN numbers, due to which the TDS deposited is mismatched. Thus, they should minimise the mistakes while depositing TDS, deduct TDS on time and submit the return on time. Check before depositing TDS and stay free from future penalties.
Meena said that the basic objective of TDS is to stop tax evasion. Today there are hundreds of defaulters who have either not filed TDS returns or have not submitted returns in time. On this occasion, assistant commissioner of income tax Rajesh Kumar Jha threw light on the provisions of TDS and newly added sections in the Union Budget 2023.
Delivering the welcome address AIMP president Yogesh Mehta said that the amount of tax collected by us is being used for the overall development of the country, therefore every rupee of the tax deposited by us is important and beneficial for the country.
Tarun Vyas, secretary of the Association, expressed gratitude of the guests. On this occasion, representatives of various industries including Mohansingh Raghuvanshi, Naveen Dhoot, Suman Saurabh, income tax officers Ashish Dale, and Shubham and the officials of HR, accountants, financial managers of various companies were present.