Jul 03, 2017 07:19 PM IST |
Source: CNBC-TV18
Under Income Tax Act, Section 278, any CA found indulging in tax
evasion or helping others evade tax can be prosecuted and can be punished with
an imprisonment ranging from six months to seven years.
In a move to crackdown
on Chartered Accountants indulging in unethical tax evasion, Central Board of
Direct Taxes (CBDT) has sent a list of 12 CAs to the Institute of Chartered
Accountants of India (ICAI) for action. The move comes a day after Prime
Minister Narendra Modi urged CAs to work against tax evasion and not to help
those who are trying to evade tax.
CNBC-TV18’s Timsy
Jaipuria learns from sources that CBDT has pitched for ICAI to take stringent
actions against erring CAs. Sources also suggest that a task force has been
appointed by the PMO to look into shell companies and is in talks with CBDT,
CBEC and ICAI for stricter penalties.
Under Income Tax Act,
Section 278, any CA found indulging in tax evasion or helping others evade tax
can be prosecuted and can be punished with an imprisonment ranging from six
months to seven years. PMO task force is mulling on increasing the existing
penalty to be sterner.
Independently, ICAI is suspending the license
of any CA who is found indulging in unethical tax practices. PMO's task force,
which is headed by Hasmukh Adhia, has asked ICAI to impose a monetary penalty
along with the existing penalty.
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