26 Jun '18, 12pm

[email protected], @LouisVuitton come under I-T radar: here's why

Luxury brands Harley Davidson and Louis Vuitton, and several other business entities, are under the income tax radar for taking cash above Rs 2 lakh in clear violation of a new income tax law introduced in this year's budget. The Directorate of Intelligence and Criminal Investigation, Department of Income Tax, had run a special project between January and March to nail these companies. A survey revealed that the Harley Davidson showroom in Guwahati, Venkys in Pune, a Louis Vuitton dealer, a Gucci dealer, 5-star hospitals in Mumbai, Delhi, Chennai, Lucknow and Indore were accepting cash of more than Rs.2 lakh. An officer, who was involved in the survey, told ANI, that a total 1705 cases were found to be violating Section 269ST of the Income Tax Act . Section 269ST was introduced under the Finance Act, 2017 with effect from April 1, 2017 and puts a limit on cash transactions...

Full article: http://www.dnaindia.com/business/report-harley-davidson-l...

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