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Showing posts with label Income Tax Scam. Show all posts
Showing posts with label Income Tax Scam. Show all posts

IT EMPLOYEES QUESTIONED IN INCOME TAX REFUND SCAM

According to a story published in Bangalore Mirror , The investigation wing of the Income Tax Department has busted a fraudulent tax refund scam in Bengaluru in which a practicing chartered accountant was found to be filing false income tax returns and making fraudulent refund claims.

I-T sleuths searched the CA’s office on Wednesday established his modus operandi. The CA is said to have filed revised returns of salaried employees making false or inflated claims of loss from ‘house property’ and thus claiming refund fraudulently. He has filed nearly 1,000 returns claiming loss from ‘house property’ aggregating to Rs 18 crore.

Some of these employees are said to be working in over 50 reputed companies in the city including IBM, Vodafone, SAP Labs, Biocon, Infosys, ICICI Bank, CISCO, Thomson Reuters India Limited. The tax authorities questioned the employees and found that they had resorted to fraudulently claiming refunds by filing revised returns on their individual income.

According to an official release, the salaried employees have admitted that they did not suffer any real loss under the head ‘Income from house property’.