more-inThe Managing Director of a real estate company has been sentenced to three months rigorous imprisonment by the special court of economic offences, Bengaluru, for not remitting income tax deducted from various people to the government exchequer. Apart from the imprisonment for violating section 276B of the Income Tax Act, 1961, the court also imposed a fine of ₹5,000, a press note from the Income Tax Department said. The department, however, did not release the name of the company or the Managing Director on the reason that they still could go on an appeal against the special court’s order. The accused had not paid the government ₹60.78 lakh — the tax amount collected — within a stipulated period prescribed under Rule 30 of Income Tax Rules, 1962. The department, according to the release, had so far done 161 surveys and spot verifications and detected violation of provisions related to tax deduction at source to a tune of ₹109.5 crore.

Source: The Hindu October 23, 2017 18:33 UTC