The Income Tax (I-T) division has summoned transcend officials of the Tata Trusts to explicate the misuse of taxation exemption granted to the trusts for charitable purposes. The Tata Trust officials, who were summoned on Friday, sought to a greater extent than fourth dimension in addition to are expected to run across taxation officials side yesteryear side week.
Confirming the development, a senior I-T official said the Tata Trusts had been asked to submit sure as shooting documents. “We are inward the procedure of verifying in addition to collating information required for farther probe inward the matter,” he said.
The activity yesteryear the I-T division was a follow upwardly to the Comptroller in addition to Auditor General’s (CAG) study of 2013 that said the Trusts were earning a huge profit, instead of using it for charitable purposes. The Tata Trusts ain 66% stake inward Tata Sons, the belongings fellowship of Tata group.
A Tata Trusts official said Tata Trusts create non pay income tax, every bit permissible nether the Income Tax Act. According to the CAG, the trusts, chaired by Ratan Tata, were making huge net turn a profit yesteryear spending less on charitable purposes in addition to accumulating it every bit surplus. The surplus funds were in addition to thus used for creating fixed assets for earning to a greater extent than profit, or were transferred to other trusts rather than beingness used for charitable purposes. This, the report claims, was done to avoid paying whatsoever tax. The CAG audit pointed out the 22 trusts nether scrutiny, including others, get got accumulated surpluses of Rs 819 crore. The trusts become income taxation exemption solely if they pass coin on charitable purposes in addition to non for making profits.
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