The Income-Tax Department on Monday carried out a “limited verification” train involving a Zee Group entity to cross-check the paperwork associated to tax funds and expenditures.
“The verification exercise has been undertaken based on the information related to input tax credit,” stated an official, clarifying that no search or survey operation had been performed.
Input tax credit score 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,” stated one other official.
The Income-Tax Department determines the authenticity of payments associated to expenditures on procurement of products.
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