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Tax evasion by corporates rising Court

Dated:- 14-5-2015 - New Delhi, May 14 (PTI) Tax evasion by corporates in one form or another is rising day by day causing huge loss to public exchequer, a Delhi court observed today and said this needs to be curbed with a firm hand. Additional Chief Metropolitan Magistrate Devendra Kumar Sharma made the observations while slapping a fine of ₹ 1.5 crore on a private firm dealing in insurance business, for its failure to deposit TDS of over ₹ 1.6 crore with the Income Tax department wi .....

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₹ 1.5 crore. As per the IT department, on the total payment of ₹ 16.8 crore, the TDS to be deposited by the company amounted to ₹ 1.68 crore. The court said the firm made payments to various parties and also deducted TDS but did not deposit it. Had there been no survey, huge amount of ₹ 16,85,28,897 would not have come to light and the tax amount would have been evaded, it said. The same would have caused great loss to the revenue as well as economy of the country. Its i .....

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