Quick Summary
The Income Tax Department's Jharkhand unit has reportedly sought approval from theCBDTto initiate the cancellation of licences of several Chartered Accountantsinvolved in facilitating tax evasion in the guise of political funding. Sources revealed that some of these CAs are also among the tax evader
Daily Limit Reached
You have reached your daily limit of 2 Free News
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Community
- Daily E-Newsletter
- Unlimited News Access
- Profile Visitors
- Link Social Profiles
- Featured Job Posts
- Pro Badge
- Expert GST Guidance
- Unlimited Forum Replies
- Download Content in PDF
1 Year PLAN
1999
(Excl. of GST ₹359)
BEST VALUE
2 Years PLAN
3499
(Excl. of GST ₹629)
3 Months PLAN
999
(Excl. of GST ₹179)
View all CCI PRO benfits
Already a PRO member? Login here for an ad-free experience.
FAQ :
The Chartered Accountants are accused of facilitating tax evasion by signing the Aam Janmat Party's balance sheets without conducting proper audits, thereby aiding professionals in claiming false exemptions on political donations.
The case involves an alleged Rs 2000 crore in political funding that was used for tax evasion.
The Aam Janmat Party, registered in Bihar, is linked to this case.
The Income Tax Department's Jharkhand unit has sought approval from the CBDT to initiate the cancellation of licences of the involved Chartered Accountants and plans to approach the ICAI for this purpose.
The political party reportedly returned the donations to the contributors through various channels after deducting a 5% cut on each contribution.
The IT department is issuing notices asking individuals to withdraw their donations and update their tax returns, with many reportedly complying.
CAclubindia
