TODAY -
IT unearths fake donation racket in Manipur
Assam Tribune | New Delhi, July 11
The Income Tax (IT) department has unearthed a large fake donation racket in Manipur which could have resulted in revenue loss to the department to the tune of crores of rupees. It stumbled upon the racket, being run by a non-profit organisation (NPO), after senior IT officials found that the total amount of refunds was more than the tax collection in Manipur.
The department then initiated a probe and checked the details and financial statements of those salaried employees who had claimed refunds of more than Rs 1 lakh, the official said.
The investigation found that many employees had claimed more than 70 per cent deduction under section 80GGA of the IT Act which pertains to deductions made in respect to donations made by the taxpayers.
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* This Post is uploaded on July 12, 2012
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