Excelsior Correspondent
JAMMU, Dec 26: As a part of Taxpayers Education Program, TDS awareness seminar was organized by Income Tax Department here today.
A.K Thatai, Commissioner of Income Tax, J&K inaugurated the session and gave an overview of the role of Treasury Officers regarding mandatory filing of monthly Form 24G and Communication of Book Identification No to Drawing & Disbursing Officers.
He also laid emphasis on the timely filing of e-TDS statements. A power point presentation about the provisions of TDS and obligations of Treasury Officers was given by Amit Trakroo, Income Tax Officer, TDS Circle, Jammu.
As per Income Tax Department Notification No.41/2010 dated 31.05.2010, the Treasury Officers are required to file monthly information on Form No.24G on or before 10th of the following month.The TO (Treasury Officer) can prepare the statement either using his own software or using the Form 24G preparation utility developed by National Securities Depository Limited (NSDL) and freely available at Tax Information Net Work (TIN) website (www.tin.nsdl.com) or ITD website (www.incometaxindia.gov.in). Book Identification Number (BIN) will be generated after filing of Form 24G. BINs have to be communicated by the Treasury Officers to respective Drawing & Disbursing Officers to enable them to file their quarterly TDS returns.
As per provisions of Sec 234E of the I.T.Act, 1961, a late fee of Rs.200 per day is to be paid by the Drawing & Disbursing Officer for late e-filing of quarterly TDS statements. Besides, the DDO is also liable for penalty under Sec 271H of the I.T.Act. It is pertinent to mention that fee & penalty is the personal liability of the DDO.
Finance Department of State Govt has recently issued circular enjoining upon all the Treasury Officers to file their Monthly Returns on Form No.24G electronically on or before 10th of the following month and communicate BIN to the concerned DDOs. As per the circular, Treasury Officers are personally responsible for any default.
The seminar was attended by Treasury Officers of Jammu Division and an interactive session was also held on TDS provisions and mandatory e-filing of quarterly TDS statements. The participants expressed the hope that conducting of such programs would go in a long way in creating awareness among the Treasury officers as well as deductors.
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