3,500 shell companies in Jharkhand, Bihar under I-T scanner
I-T dept has initiated action to augment tax collection and issued notices to 10,000 individuals who deposited over Rs 10 lakh, post demonetisationUpdated: Mar 09, 2018 12:57 IST
The Bihar-Jharkhand income tax (I-T) department has initiated action against 3,500 shell companies through which more than Rs 1,000 crore, owned by individuals, was routed to evade taxes.
The department found that the beneficiaries got their money back from these shell companies through share premium. It issued notices to the companies seeking replies.
Besides, the department has identified 10,000 individuals in Bihar and Jharkhand who deposited more than Rs 10 lakh in bank accounts, post demonetisation and issued notices to them.
“The shell companies and individual beneficiaries are under scanner. Of the 3,500 companies identified so far, nearly one-fourth have submitted their replies. If we find their replies unsatisfactory, stringent action would be taken against them. Black money hoarders will not be spared in any case. The only way out for them is to disclose their income and pay taxes,” said chief commissioner of income tax (Bihar-Jharkhand) KC Ghumaria, while addressing media persons in Ranchi.
Ghumaria said as per the government’s policy, I-T department was initiating several steps to augment tax collection.
“We have found that land owners, entering into development agreement with builders, rarely disclose their capital gains and pay taxes in Bihar and Jharkhand. Such tax evaders have been identified and action will be taken against them accordingly,” he said.
Ghumaria said, “Besides, we have served notices on nearly 400 people who showed agricultural income of more than Rs 5 lakh. We suspect that these disclosures are basically false and fabricated.”
Talking about Jharkhand, he said the department has targeted companies and merchants dealing in coal and iron ore to escalate tax collection.
“Thousands of people are involved in these trades. But, many of them prefer to hide their incomes. We have found many companies, misusing government schemes, procure coal from CCL, BCCL at subsidised rates for self consumption but they openly sell them in open market at higher rates to book hefty profits, “ the I-T chief commissioner said.
He said, “Action has already been taken against many and several others are under scanner. We also collected penalty of Rs 106 crore from Central Coalfields Limited (CCL) and Rs 20 crore from the Bharat Coking Coal Limited (BCCL) as these public sector undertakings have failed to collect mandatory one percent tax from coal lifting companies.”
Ghumaria urged the tax payers to file their I-T returns for assessment year 2017-18 well within the last date of March 31. “Those paying advance tax should deposit final installment by March 15,” he said.
“Against the target of Rs 13,200 crore tax collection in Bihar-Jharkhand for financial year 2017-18, the department has collected Rs 8,061 crore so far. Corporate tax collection is still low as compared to last year,” he said.
First Published: Mar 09, 2018 12:57 IST