IT officials raids in Bangalore, found a hidden income of Rs 8.8 billion. The Ministry of Finance indicated that IT officials raided at the company’s two business premises. However, the ministry did not reveal the name of the company in question.
The appraiser has been requesting huge deductions under 80JJAA of the IT Act of 1961 to incentivize new employment opportunities.
Certain conditions are there, such as the salary paid to employees. Which must be less than 25,000 per month) Rupee) and the number of working days.
During the investigative operation, evidence of tax evasion has been collected regarding the erroneous deduction in Section 80JJAA of the Income Tax Act of 1961.
Investigation further revealed that even if the salary of new employees increased at more than Rs 25,000 per month, the appraiser mistakenly requested a deduction of 80JJAA. Excluding certain parts of the salary of such employees to meet the eligible salary limit of Rs. 25,000 per month.
Additionally, the 80JJAA deduction has been found to have been required in subsequent years, even if certain eligible employees are no longer on the appraiser’s payroll.
Overall, the investigation has found that the amount of hidden income in different evaluation years amounts to Rs 8.8 billion, according to the statement.
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