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Business News » India News

Rs 3,200 cr TDS scam; These 447 companies looted employees; Income-Tax dept cracks whip

TDS scam came to light after the Income-Tax department initiated prosecution against these firms and issued warrants in some cases. The anomalies were traced during the investigation between April 2017 and March 2018

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Rs 3,200 cr TDS scam; These 447 companies looted employees; Income-Tax dept cracks whip
TDS scam: The I-T department is reportedly contemplating adding IPC sections of cheating and criminal breach of trust even as the prosecution is initiated under Section 276 B of income tax Act. Image source:
Written By: ZeeBiz WebTeam
Updated: Tue, Mar 06, 2018
04:58 pm
ZeeBiz WebDesk
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TDS scam: In a shocking revelation, it has emerged that some companies ran a tax deducted at source (TDS) scam that targetted their employees. After the Punjab National Bank (PNB) alleged fraud case last month, which shook the entire banking system,  Income-Tax department has unearthed a Rs 32 billion (Rs 3,200 crore) scam where 447 companies deducted tax from their employees but diverted the money to further their business interests.
 

This TDS scam came to light after the Income-Tax department initiated prosecution against these firms and issued warrants in some cases. The anomalies were traced during the investigation between April 2017 and March 2018. The offenders, if found guilty, face stiff punishment. The offence attracts maximum seven years of imprisonment with fine. The I-T department is reportedly contemplating adding IPC sections of cheating and criminal breach of trust even as the prosecution is initiated under Section 276 B of income tax Act.

The department has also reportedly started attaching bank accounts, movable and immovable assets.
If an employee's tax is not deposited with the government, he/she faces grave problems. Due to mismatches employees are put under the scanner. In fact, for not depositing the returns, the Income Tax website would show that the employee has not yet paid the tax and  litigation may even be initiated.
 
 To avoid such scams, employees now have a potent tool. Government has started SMS services whereby employees can now match their salary slip with sums deducted at year-end and thereby unearth and avoid mismatches.
 

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Income Tax DepartmentGovernmentPunjab National Bank (PNB)
RELATED NEWS
Tamil Nadu: Income-Tax dept conducts searches on IT Infrastructure company in Chennai and Madurai Tamil Nadu: Income-Tax dept conducts searches on IT Infrastructure company in Chennai and Madurai
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I-T refunds worth Rs 1.18 lakh cr issued to 33.54 lakh taxpayers till Sep 29 I-T refunds worth Rs 1.18 lakh cr issued to 33.54 lakh taxpayers till Sep 29
Income Tax Department Alert! CBDT issues clarification on TDS, TCS norms applicable from 1st October Income Tax Department Alert! CBDT issues clarification on TDS, TCS norms applicable from 1st October
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