Prosecution notice to SCN’s being issued in case TDS defaults of more than Rs. 5 lakh
In response to the media news regarding issue of prosecution notices to small companies for TDS default, the Central Board of Direct Taxes (CBDT) has clarified that Mumbai Income TDS dept. has issued prosecution show cause only in a limited number of big cases where more than Rs. 5 lakh of tax was collected as TDS from employees etc and yet the same wasn’t deposited with the dept. in time.