After a series of scams in the Banking sector, the govt. revenue sleuths have unearthed a new scam, the TDS (Tax Deducted at Source) scam worth Rs 3,200 crore. According to reports, as many as 447 companies haven’t paid the tax to the govt. after deducting the same from their employees for the period April 2017 to March 2018.
These companies, under the Income Tax Act, are to deduct TDS on behalf of the govt. and deposit it into the government account within a prescribed time frame. They however have been found guilty of deducting the tax from the employees and using for their business interests.
The tax evasion offense attract a minimum punishment of rigorous imprisonment of three months to a maximum of seven years with fine. The offenders are from various sectors including real estate, film industry, infrastructure and start-ups. Some of the offenders are reportedly politically well-connected.
The IT dept. has initiated prosecution against all these firms.
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