Explorer

8 lakh companies on IT dept radar for not filing tax returns

New Delhi [India], Feb 8 (ANI): Director of 8 lakh companies may be prosecuted if their companies fail to file income tax returns from April 2018.

In the recently announced Budget, the Government removed Tax liabilty cap of Rs. 3000.

According to earlier provision companies having tax liability of below Rs. 3000 were exempted to file income tax returns. In this budget this cap has been removed, making Mandatory to all the registered companies to file the returns if they have tax liability of Rs. 0 also.

According to a senior Finance Ministry official, who was part of the Budget making exercise, told ANI that this rule will come into effect from April 1, 2018.

He further clarified on the waving off the Rs. 3000 caping, and added that there are 15 lakh companies registered with Ministry of Corporate Affairs.

Only 7 lakh companies are filing returns. Rest 8 lakh companies are not filing returns and claiming that there tax liability is below Rs. 3000 and they are not bound file returns.

However, as per the tax officials, many of these companies are shell companies and involved in tax evasions.

To close this route we have removed this Rs. 3000 cap. From April 2018 onwards if these companies will not file their returns they will be prosecuted under section 276CCC. Under the section 276CCC if such companies are found guilty their directors may face a Jail term of 3 months to 2 years. And if the Tax liabilty is more than Rs. 25000 then the Directors of these companies may face a Jail term of 6 month to 7 years. (ANI)


This story has not been edited. It has been published as provided by ANI

View More
Advertisement
Advertisement
25°C
New Delhi
Rain: 100mm
Humidity: 97%
Wind: WNW 47km/h
See Today's Weather
powered by
Accu Weather
Advertisement

Top Headline

I.N.D.I.A Bloc In Bihar: Here's How Congress, RJD Have Decided To Share Seats After JD-U's Exit
I.N.D.I.A Bloc In Bihar: Here's How Congress, RJD Have Decided To Share Seats After JD-U's Exit
'BJP Should Pay Rs 4,600 Crore': Congress Slams Income Tax Dept, ECI After Getting Rs 1,700-Crore Notice
'BJP Should Pay Rs 4,600 Crore': Congress Slams Income Tax Dept, ECI After Getting Rs 1,700-Crore Notice
Another Blow To Congress As I-T Dept Serves Rs 1,700-Crore Notice Ahead Of Lok Sabha Elections: Report
Another Blow To Congress As I-T Dept Serves Rs 1,700-Crore Notice Ahead Of Lok Sabha Elections
Sunita Kejriwal Launches WhatsApp Campaign To Drum Up Support For Jailed Delhi CM
Sunita Kejriwal Launches WhatsApp Campaign To Drum Up Support For Jailed Delhi CM
Advertisement
for smartphones
and tablets

Videos

ABP Shikhar Sammelan 2024: Anurag Thakur Stresses That No Election Comes Without Challenges'I Have Studied Kejriwal's Graph, When He Speaks Against Modi Ji, It Drops': BJP Leader & Minister Of Urban Development Hardeep Puri'Murkhta Ke 3 Levels Hote Hai': BJP Leader &  Minister of Urban Development Hardeep Puri At ABP Shikhar Sammelan 2024Is BJP Bluffing Over 400-Mark? Check Anurag Thakur's Response At ABP Shikhar Sammelan 2024 | ABP News

Photogallery

Embed widget