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5108/1992. - Income Tax - 5108/1992Extract INSTRUCTION NO. 5108/1992 Dated: December 16, 1992 Section(s) Referred: 192 Statute: Income - Tax Act, 1961 In the scheme of income tax collection, the provisions relating to tax deduction at source (TDS) play a very important role. A large part of income tax collection comes by way of tax deduction at source where tax is deducted at the time of making payment of salary and interest etc. by the person making the payment. 2. The provisions relating to tax deduction at source are contained in Chapter XVIIB of the I.T. Act. The CBDT also issues circulars every year on this subject. Non-compliance with the TDS provisions results in loss of Government revenue. Moreover, the defaulters are liable to pay interest and are also subjected to penalty and prosecution proceedings. It has been reported that some banks have failed to properly deduct tax from salaries. Short deductions by some banks have also been noticed on account of incorrect calculation of the value of perquisites provided to the officers of the banks. Similar lapses may be taking place in other banks also. 4. I would, therefore, request you to please direct all persons in your Bank, who are responsible for deducting tax at source under various provisions of the I.T. Act, to scrupulously comply with the TDS provisions. In case any clarification or assistance is required, the concerned officer can either contact the local ITO or the CIT. [Member's(R A),CBDT D.O.F. No. 385/46/92-IT(B)
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