I-T unearths over Rs 3,500-cr TDS default by oil, telecom firm in Delhi

New Delhi: The Income Tax Department has detected TDS default of more than Rs 3,500 crore after it surveyed a major oil company and a telecom operator in the national capital, the CBDT said on Wednesday. It called these instances a “major breakthrough”.

In the case of the oil firm, the CBDT said that Tax Deducted at Source (TDS) default of about Rs 3,200 crore was detected.

“The defaults included short deduction of tax and non-deduction of tax, respectively. Short deduction of tax pertained to TDS under section 194J (of the I-T Act) for several years on payment of fee for technical services for installation and maintenance of high-tech oil refineries, payments for chemical process of re-gasification and transportation of LNG,” it said.