Income Tax department unearths TDS scam worth Rs 3200 crore
PrintListen to this Article
TOI reported that the TDS wing of the department has initiated prosecution against these firms, under Section 276 B of the Income Tax Act, which entails imprisonment from three months to seven years. The department is mulling to add IPC sections of cheating and criminal breach of trust.
The offenders are reported to be mostly builders. One of the offenders is a leading builder who diverted Rs 100 crore income tax deducted from salaries of its employees for business interests. Other companies who are involved in the scam are movie production houses, infrastructure companies and start-ups. An IT company has not deposited Rs 11 crore, whereas a port-development firm has not deposited Rs 14 crore.
An I-T official told TOI that a sum of Rs 3,200 crore was held by these companies between April 2017 and March 2018. The department intends to arrest some of these people. The department has also initiated action by attaching bank accounts.
The source said that the money was used as working capital in several cases. While some employers have promised to pay, some are unable to pay. In some cases, 50 per cent of the TDS deducted from employees was misused. #casansaar (Source - Times of India, India.com)
Category : TDS | Comments : 0 | Hits : 2039
The Delhi High Court on Tuesday upheld Tax Deducted at Source (TDS) on External Development Charges (EDC) in a real estate project. This means that home buyers will have to bear the burden of TDS. A division Bench of Delhi High Court Comprising Justices Yashwant Varma and Purushaindra Kumar Kaurav upheld that Section 194C is applicable to EDC paid by real estate developers to Haryana Urban Development Authority. “We negative the challenge raised in these writ petitions in so far as the ...
The finance ministry on June 28 said that the higher Tax Collected at Source (TCS) on overseas spending will now be implemented three months after the original deadline of July 1. At the same time, the finance ministry also said that transactions conducted via international credit cards while abroad will not be counted under the Liberalised Remittances Scheme (LRS). As such, these transactions would not be subject to TCS even after October 1. "To give adequate time to Banks and Card n...
There are reports in certain sections of media wherein certain doubts have been raised regarding the applicability of the provisions relating to Tax Collection at Source (TCS) on certain goods introduced vide Finance Act, 2020. This press note is being issued to clarify those doubts about the applicability of these provisions. Finance Act, 2020 amended provisions relating to TCS with effect from 1st October, 2020 to provide that seller of goods shall collect tax @ 0.1 per cent (0.075% up to 3...
More than 82 per cent of individual taxpayers faced TDS mismatch problems during the last three years resulting in disallowance of refund and the creation of avoidable harassment of taxpayers, the latest CAG report on the Department of Revenue has pointed out. The apex audit body in its report tabled in Parliament last week also said the actual reasons of the large scale mismatch could not be ascertained because of non-submission of the relevant data by the ministry to the CAG. While launc...
Amendments in TDS Provisions by Finance Act 2020 discussed by CA.Saloni Varshney. Watch the Video,,,, https://youtu.be/LUcxlQUSc4I
Comments