TDS wing of I-T unearth Rs 3,200 crore TDS scam

Frauds don't surprise me now:

Will a fraud of less than Rs100 crore surprise you? It doesn't surprise me, now. Somehow I have gotten into a habit of reading deceptions in 1000s of crores of rupees.

So many are happening nowadays. Vijay Mallya, Neerav Modi took frauds to a new height.

I am yapping about one more fraud. It is of a tiny amount of Rs3,200Crore. It can feed entire India for a day if you accept that person making more than Rs32 a day is not poor.

Here I yap about fraud in my own terms:

447 wealthy people did not deposit TDS that they deducted from salaries of their employees. Instead, they pumped these funds to promote their business. The amount was of Rs3200 crore.

Sleuths of Income tax department, armed with digitization tools, raided these wealthy people and showed them section 276B of Income-tax Act. 

I am sure wealthy people must be already knowing this section. Section 276B states that if someone doesn't deposit TDS, then he could be imprisoned for three months to 7 years. non-deposit of TDS.

I am not bothered with what happens to these fraudsters but -

I feel more bothered for people whose TDS didn't get deposited. What would happen to the tax liability of them?

I would write about it in my next ripple. You can read about it by clicking on next-link at the left-hand top of this screen.