Mumbai: I-T dept finds Rs.6,500cr worth bogus bill cases | mumbai | Hindustan Times
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Mumbai: I-T dept finds Rs.6,500cr worth bogus bill cases

As the financial year draws to a close, the income tax (I-T) department has come across 150 cases in the city where bogus bills worth Rs.6,500 crore were used to lower taxable income and evade tax. HT reports.

mumbai Updated: Mar 09, 2013 01:00 IST
HT Correspondent

As the financial year draws to a close, the income tax (I-T) department has come across 150 cases in the city where bogus bills worth Rs.6,500 crore were used to lower taxable income and evade tax.

These bills, which show inflated expenditure, thereby reducing the tax amount to be paid, have cost the central exchequer a few thousand crores. They have been submitted over the last three years, said a senior I-T department official.

The department has given defaulters time till March 15 to come clean and file fresh I-T returns with their actual taxable income, to avoid penal action and prosecution. They will also have to pay the evaded amount.

An I-T department statement said that the information on the bogus bills was received from the value-added tax (VAT)/sales tax department.

Upon investigation, officials found 150 cases in Mumbai, and 39 in Pune. The amount of bogus bills in Pune was Rs.722 crore.

In all, the department came across 2,000 cases of VAT/sales tax evasion in the state.