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Mumbai:
Mahesh Bhatt is in trouble with the Income Tax department.
Apparently, someone had tipped off the TDS unit that
despite deducting TDS from their artistes and unit members'
salaries, Bhatts had not deposited the tax with the
government.
While the tax evasion is being computed in an extensive
survey, sources reveal that it may be in the region
of half a crore. It may be noted that Bhatt brothers
who own Vishesh films are known to have perfected the
art of signing promising new comers for peanuts and
make success films based on successful Hollywood films.
This strategy has made a lot of money for them.
Whether this survey is the beginning of a look on their
account with magnifying glass or just routine, as Mahesh
Bhatt describes it, will become clear soon. In the meanwhile,
curious guesses are being hazarded about the person
who tipped the Income Tax department. Mahesh is a diplomatic
person but brother Mukesh is known to have rubbed several
people the wrong way.
Vishesh Films could be served with a show cause notice
after the survey. The Bhatts will pay interest for late
payment of TDS, penalty for non filing, penalty for
deducting TDS but not depositing it with the government
and prosecution for alleged habitual default. The last
violation is punishable with RI upto seven years.
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