Hope you are doing great.
We missed you for our Conference call cum Webinar on Friday (28th Feb’14) about Traces communication on “Imposition of Penal Interest u/2 220(2) if actions are not taken by the Deductors (Employers/Companies/We).”
We are sorry that you were not able to make it – we hope it would have gained you some interesting insights. However we have recorded the session for the purpose of sharing knowledge & expertise we have accumulated over the period of time.
Click here to Access the Webinar Presentation & Video – for FREE.
Imposition of penal interest u/s 220(2) by TRACES 28th Feb’14
We are quite aware of the fact that each of us have been receiving quite a lot of communications from TRACES [ the TDS Processing Cell ] on Justification reports, Intimations, Demands, etc. Many of us have also been receiving Hard-Copy Letters to this effect from TRACES.
One may sometimes wonder why such a huge amount of flow of Information ! It does make us a lot uncomfortable & we would want it to be sorted out as soon as possible.
One such email TRACES sent out on 21st of February talks about imposition of Penal Interest u/s 220(2) if actions are not taken by the Deductors ( Employers / Companies / We ).
So, the next question is what action are we supposed to take ?
• Just Pay the demand ?
• Do a correctional filing ?
• or do both ?
• Under what section ?
• Is it genuine ?
• What are the consequences of it ?
• What is the process ?
• In large Organizations such as yours, how would you be sure of being fully compliant to these requirements ?
Being The Compliance Experts, we believe in sharing the knowledge & expertise we have accumulated over a period of time.
Who are we ? 64,000 Employees spread across 121 Corporate benefit from our Expertise in Payroll, Taxation or Compliance.
They call us “The Specialists”