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IT department unearthed unaccounted-for income worth 66 rupees during a raid in Maharashtra, Gujarat, Delhi

The Income Tax Department seized 66 rupees with unaccounted income after conducting a search and seizure operation on certain Indian companies and their affiliates controlled by neighboring countries.

Bank accounts of some companies are restrained with a total bank balance of around Rs 2.8 billion.

The search activity took place on November 16 and targeted approximately 20 facilities in Gujarat and Delhi, Mumbai, Ahmedabad and Gandhi Dam. Underneath the scanner, these companies operate in chemicals, ball bearings, machine parts, and injection molding machines.

“A lot of guilty evidence in the form of digital data showing the enormous unearned income earned by these companies was found and seized,” the Treasury said in an official statement.

IT departments have discovered that companies are indulging in tax evasion through the manipulation of accounting books. Analysis of the evidence reveals that these companies are indulging in transferring funds by using Shell’s network of neighboring countries. A government statement did not appoint a neighboring country.

This method has sent an estimated 20 rupees over the last two years.

The investigation revealed that Mumbai-based professional companies not only helped establish these shell companies, but also provided dummy directors to these shell companies.

It also turned out that these dummy directors were employees or drivers of specialized companies, or were meaningless persons.

“When I asked, they admitted that they were unaware of the activities of these companies and had signed the documents according to the instructions of the key operators,” he read the statement.

Professional companies can also help foreigners by providing addresses for banks and other regulatory requirements, the ministry explained.

Another company involved in the chemicals transaction was found to be routing purchase claims through the low-tax jurisdiction of the Marshall Islands. The company purchased 5.6 billion rupees worth of merchandise from a nearby company, which is also being billed by the Marshall Islands. Payment for such purchases was made to the bank account of a Marshall Islands-based company in a neighboring country.

It was also discovered that the Indian company was involved in the creation of non-genuine purchase invoices to reduce tax obligations and paid unaccounted cash for the purchase of land in India.

Also read: IT department detected private income of 400 rupees at two real estate companies in Delhi-NCR

Also read: Check the annual income standard of EWS rupee 80,000 rupees with NEET reservation: Center tells SC

IT department unearthed unaccounted-for income worth 66 rupees during a raid in Maharashtra, Gujarat, Delhi

Source link IT department unearthed unaccounted-for income worth 66 rupees during a raid in Maharashtra, Gujarat, Delhi

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