IT Dept recognized not accounted money of 175 crores in Tamil Nadu

IT Dept recognized not accounted money of 175 crores in Tamil Nadu

On 4th March, the Central Board of Direct Taxes stated that the IT Dept recognized not accounted money of 175 crores after Income Tax Department raided 2 groups of Consultants, Contractor workers in poll-bound Tamil Nadu state. It stated that not accounted money of three crores was seized after the probes were directed on 3rd March at eighteen places in many cities in Tamilnadu.

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Central Board of Direct Taxes also stated that “based on intelligence inputs about the presence of money, which is probably going to be circulated for political upcoming assembly poll purposes.” Because of the pursuit, and not accounted money of 175 crores has been distinguished.

“Different discoveries incorporate the distinguishing proof of the way that the assessee is reserving false costs under different heads to diminish the profits.” “The proclaimed profits were under 2% of the turnover when in real records the profits surpassed twenty percent”. The CBDT outlines a strategy for the Income-tax division.

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“Additionally, in excess of a hundred sub-contractors for hire were acquainted with book costs to meet illicit installments and installments for property buys. These sub-contractors workers presented, had recorded returns of pay from a similar Internet protocol address, and out of the blue, showing just this receipt as their sole money”.

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