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Tuesday, March 6, 2018

Another scam in making? Rs 3,200 crore TDS not deposited in income tax department kitty

The money, pumped in by the UPA and then the NDA governments, has been given to recapitalise the banks, that is, to make good the losses they have made by giving loans to industry that have turned into NPAs.
An alleged TDS scam worth Rs 3,200 crore has been uncovered by the income tax department in case of 447 companies, The Times of India reported. The companies are alleged to have diverted the tax deducted from its employees towards their business operations. The warrants have been issued by the alleged offenders by the TDS (tax deducted at source) wing of the income tax department in a  few cases, The Times of India reported citing unidentified sources. Prosecution has been initiated against these firms under Section 276 B, the report added. The companies have been accused of diverting the TDS collected for meeting business purposes including working capital. The report says that the accused firms include infrastructure companies, movie production houses among others.
The income tax department has reported the alleged scam for the period April 2017 to March 2018, the report added. A few cases have been reported where half of the TDS collected as deposited with the government and the remaining half was used by the company. The Times of India report said.
Meanwhile, the Central Board of Direct Taxes (CBDT) is working to bring into practice a nationwide paperless system of interface between the taxpayer and the assessee. CBDT has already notified the latest centralised communication scheme for existent online notices to income tax payers under this scheme. Under the scheme, a centralised e-communication system will be set up in the income tax department that will issue notice to any taxpayers who is needed to provide information for the verification purpose to the taxman.
The latest scheme will ensure no person would be needed to appear in person or through an authorised representative before the designated authority belonging to the income tax department) at the centralised e-communication centre in association with any proceedings. The income tax officials will issue such notices which will include only digital signatures and e-mail them to the assesses. Thereafter, the taxpayer will be intimated through a text message. A machine-readable device at the centralised e-communication centre will receive the reactions from the taxpayers.

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