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Many builders among 447 firms under I-T radar over Rs 3,200 crore TDS scamss

Many builders among 447 firms under I-T radar over Rs 3,200 crore TDS scamss

The income tax (I-T) department has unearthed aRs 3,200 crore scam in which 447 companies, many of them builders, diverted employees’ tax deducted at source (TDS) for business instead of depositing it with the government.The TDS wing of the I-T department has initiated prosecution against these companies in the Esplanade metropolitan magistrate court and in some of the cases, warrants have been issued, sources said. Under section 276 B of the Income Tax Act, the offences attract a minimum rigorous imprisonment of three months and a maximum of seven years with fine.

Source :- ET Realty