CII State Panel on Economic Affairs & Taxation is organizing an Interactive Session on “TDS & TCS – Issues and Reforms” with Mr. S C Sonkar, Commissioner, Income Tax, on Wednesday, 18 December 2013, at CRISP, Bhopal, from 1730 hrs. CII organized the session at CRISP in association with Vision advisory services pvt Ltd.

The interaction provided members an opportunity to understand better the developments in direct taxation.  Also the objective of this Interactive Session was to address concerns of CII member companies related to income tax, specifically TDS and TCS, and to provide a forum for direct interaction with the Commissioner on company specific issues.

Mr. Sonkar elaborated on various aspects on taxation with respect to current economic scenario. He emphasized on the importance of compliances and deadlines, as many a times managers even do not know the deadlines due to which the company has to face the penalty.

Deputy Commissioner Ms Bhavna Singh explained in detail the procedures of filing various income tax returns and stressed on the importance of filing the correctly filled forms on time. The participants raised many questions related to phrasing of invoices, tax deduction rates, problems in online filing of returns and problems of fraud. Mr Sonkar offered practical solution to the issues raised during the session. He also advised the participants on timely payment of advanced tax.