Income Tax Dept unearths TDS Scam involving 3200 Crores

A scam involving Rs. 3,200 crores relating to tax deduction at source has been unearthed by the income tax department. In relation with this, proceedings have been initiated by the TDS wing of the income tax department against some entities and individuals in Mumbai. Warrant has been issued in some cases.

Reportedly, according to an investigation between April 2017 and March 2018, 447 companies deducted tax from its employees but did not deposit the amount and diverted it to further their own business interests.

However, sources in the I-T Deparment claims, “It is not a scam — but a very common verification survey details. Every year, its done. Quantum may vary from year to year. This is just like an employer deducts TDS on salary but does not deposit on time.”

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