Ekta Kapoor to pay tax on Rs 30 crore

Published: 04th May 2013 09:52 AM  |   Last Updated: 04th May 2013 09:52 AM   |  A+A-

Three days after the Income Tax officials had searched its offices and quizzed the family members of film producer Ekta Kapoor, Balaji Telefilms has agreed to pay tax on the `30-crore undisclosed income. Balaji Telefilms will also have to pay penalty ranging from 100 to 300 per cent of the quantum of the evaded tax. At 30 per cent, Balaji Telefilms would be shelling out `9 crore plus the penalty. It has agreed to pay tax on the sum of `30 crore as it was not able to furnish details of the voucher payments made in cash for creative consultations, which at times peaked to `2 lakh per day. According to the I-T officials, Balaji Telefilms has been allegedly trying to conceal its profits by showing  fraudulent expenditures. The accountants exploited the facility of issuing voucher payments in cash to a limit of `10,000 per day to an individual without having to include the Tax Deducted at Source (TDS). As PAN numbers are mandatory for TDS, it would have made the process very transparent. Without the TDS, the books of accounts merely reflected names of persons to whom the cash payment was issued, and the I-T officials consider them fictitious.


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