Industry

I-T department verifies tax papers of Zee Group entity

The Income-Tax Department on Monday carried out a “limited verification” exercise involving a Zee Group entity to cross-check the documents related to tax payments and expenditures.

“The verification exercise has been undertaken based on the information related to input tax credit,” said an official, clarifying that no search or survey operation had been conducted.

Input tax credit primarily pertains to the Goods and Services Tax. “Input tax credit is the means through which an entity is allowed to adjust the taxes it has already paid to the suppliers of base goods, using which it manufactures and sells its products,” said another official.

The Income-Tax Department determines the authenticity of bills related to expenditures on procurement of goods.

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Printable version | Mar 1, 2021 3:52:31 AM | https://www.thehindu.com/business/Industry/income-tax-department-conducts-searches-at-zee-group-offices/article33493118.ece

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