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News INCOME TAX

  • Dec 20, 2024
  • India's lavish weddings under taxman’s scrutiny: IT department investigates Rs 7,500 crore of unaccounted cash

    On the road to happily ever after, the taxman can be a nasty bump. India’s opulent weddings, complete with Bollywood stars and celebrity performers, where crores are splurged to make the occasions unforgettable, are under the lens of the Income tax (I-T) department.

    Tax raids are underway on close to 20 top wedding planners in Jaipur amid suspicions that about Rs7500 crore of unaccounted cash has been blown up in the last one year to host extravagant marriage ceremonies. Mule accounts, hawala agents, and shadowy entry operators generating fake bills, often in cahoots with partners in Hyderabad and Bangalore, come together in a trade that flourishes on rich Indians’ obsession with spectacular weddings.

    The search operations, which began this week and could continue for a few days, would focus on cash dealings --- as much as 50-60% of the amounts spent --- with the wedding planners.