According to sources 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. Meanwhile 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.
Sources have reported that 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. Meanwhile they however have been found guilty
of deducting the tax from the employees and using for their business interests.
Further the tax evasion offense attracts 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 and accordingly the IT dept. has initiated
prosecution against all these firms.
