Income Tax Department begins action against mining firms

The Income Tax Department is initiating scrutiny against the companies generating black money. The Central Board of Direct Taxes (CBDT) asked the tax officials to view any discrepancies in the financial statements files and actual operations conducting by these companies. Special Investigation Team is taking this issue seriously. According to the sources, discrepancies were found in the returns filed by the firms involved in the mining. Some of the firms were listed in reports as doing illegal mining in the country. Special audit will occur in case of discrepancies and of the firms found guilty in previous year returns.

Special Investigation team asked the CBI officials to take the required actions under law. All the tax offices where e-returns of these companies are going to be checked are asked to take strict actions against tax evaders and black money being generated through this illegal business. All parts of the nation are under the scrutiny of Income tax Department where black money is being generated.

Ruchi Anand and Associates are prominent Tax Consultants in India, who provide services from company registration to ITR filing.