Quick Summary
The Income Tax Department of India has recently announced a new target for its Assessing Officers to conduct surveys and online verification of Tax Deducted at Source (TDS) in 50 cases each. This initiative aims to strengthen tax collection efforts and improve compliance among taxpayers. The department has outlined 16 parameters to identify cases for scrutiny, including factors such as negative growth in TDS payments, sick units with negative operating margins, and suspicious payment trends.
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FAQ :
The Income Tax Department has set a target for each Assessing Officer (AO) to conduct surveys and online verification of Tax Deducted at Source (TDS) in 50 cases.
The main goal is to strengthen tax collection efforts and improve compliance among taxpayers.
The department has outlined 16 parameters to identify cases for scrutiny, which include factors like negative growth in TDS payments, sick units with negative operating margins, and suspicious payment trends.
All new online TDS verifications initiated in FY 2023-24 should be completed within six months. Orders under Section 201/201(1A) should be passed within six months from the end of the survey month or before the end of the financial year.
Based on preliminary examination, notices under Section 201/201(1A) of the Income Tax Act may be issued, which deal with the consequences of failure to deduct or pay taxes and prescribe penal interest for defaults.
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