Private airline not submitting TDS to govt’

BANGALORE: In a path-breaking investigation, with all-India ramifications, sleuths from the Income Tax department (Bangalore circle) have found that a private airline had not remitted to the government a part of the tax it has been deducting at source for over the past eight years. The TDS default and the interest on it amounts to around Rs 37 crore.

Taking a cue from this investigation, the IT department has now initiated a survey into the accounts of all the airlines in the country.

The investigation — conducted by Pradeep P Aspatwar, assistant commissioner of income tax (TDS), Bangalore, last year — has been adjudged one of the 10 best cases of TDS order and survey conducted across the country. It was presented the appreciation award by the finance ministry in Delhi on Wednesday. Since 2001, the airline has been deducting tax at source on payments of salaries, interest, rent, professional fees and payments made to the contractors. However, this money had not been remitted to the government account.

The account statements of the airline were taken up by Aspatwar for investigation. A 15-day audit revealed that company had been defaulting for eight years. The company had evaded TDS remittance of around Rs 18.5 crore. This attracted an equal interest of Rs 18.5 crore, bringing the amount due to Rs 37 crore. Notices have been served on the airline for non-remittance of tax to the government under Income Tax Act, TDS provisions.

Source: http://timesofindia.indiatimes.com/Business/Private_airline_not_submitting_TDS_to_govt/articleshow/4090513.cms

India ready for ban on nuclear weapons: NSA

MUNICH: India is willing to negotiate a nuclear weapons convention leading to global non-discriminatory and verifiable elimination of nuclear weapons, National Security Advisor MK Narayanan has said here.

Addressing an international security conference in Munich on Friday, the NSA said: "If this conference succeeds in not merely addressing the issue of nuclear reductions but also devise pathways to their elimination, this might well be the transforming moment for the global community."

"Non-proliferation cannot be an end in itself, and has to be linked to effective nuclear disarmament. Nuclear disarmament and non-proliferation should be seen as mutually re-inforcing processes. Effective disarmament must enhance the security of all states and not merely that of a few," he said while speaking on "Non-Proliferation, Arms Control and Future of Nuclear Weapons; Is Zero Possible?"

"Even today, India is perhaps the only nuclear weapons state to express its readiness to negotiate a Nuclear Weapons Convention leading to global, non-discriminatory and verifiable elimination of nuclear weapons."

Recalling former prime minister Rajiv Gandhi's stark warning when he presented his action plan to the UN general assembly in 1988, Narayanan said it was by far the most comprehensive initiative for complete elimination of all nuclear weapons in stages by 2010.

This included covering issues ranging from nuclear testing and cessation of production of fissile material for nuclear weapons to a time-bound elimination of stockpiles.

As concrete steps towards this end, Narayanan mentioned reaffirmation of the unequivocal commitment of all states possessing nuclear weapons to the goal of complete elimination of nuclear weapons, reduction of the salience of nuclear weapons in security doctrines and adoption of measures to reduce nuclear dangers, including preventing the unintentional or accidental use of nuclear weapons.

Source: http://timesofindia.indiatimes.com/India_ready_for_ban_on_nuclear_weapons_NSA/articleshow/4092493.cms?TOI_latestnews