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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 evaders. According to a report, hundreds of professionals from Jharkhand and Bihar allegedly evaded taxes while donating funds to the Aam Janmat Party, which is registered in Bihar but has office bearers o
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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.
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