Quick Summary
The Central Board of Direct Taxes (CBDT) has unearthed a large-scale money laundering network worth Rs 9,169 crore involving Registered Unrecognised Political Parties (RUPPs), Chartered Accountantsand intermediaries. The funds were falsely shown as political donations to claim illegal tax deductions
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FAQ :
The Central Board of Direct Taxes (CBDT) has uncovered a money laundering racket worth Rs 9,169 crore.
The racket involved Registered Unrecognised Political Parties (RUPPs), Chartered Accountants, and intermediaries.
Funds were routed through intermediaries and accountants to RUPPs, falsely shown as political donations to claim illegal tax deductions.
Excess tax deductions of Rs 9,169 crore were claimed over two assessment years, with Rs 6,116 crore for AY 2022-23 and Rs 3,053 crore for AY 2023-24.
RUPPs acted as conduits to launder funds, receiving money through intermediaries and then allowing donors to claim tax-exempt donations.
Investigators found a large number of fake donation receipts, forged donor lists, and counterfeit bank books.
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