The Directorate General of Intelligence and Investigation Inland Revenue (IR) has found massive discrepancies during examination of the tax records of National Testing Service (NTS). According to sources, the agency has clarified that the Directorate of I&I-IR examined the tax record (both income tax and sales tax) of M/s NTS (Pvt) Ltd.

In order to cross-check their receipts and declarations in tax returns, bank account statements were obtained from different banks under section 176 of Income Tax Ordinance, 2001 and massive discrepancies therein were noted. In order to further authenticate the observations, the record at business premises was taken into custody. The business premises of the said company were searched under section 175 of Income Tax Ordinance, 2001 which empowers the officers of Federal Board of Revenue to have full and free access to premises, place, accounts, documents, computers or any other inventory.

After taking into possession of the record, further evidence was gathered, which includes foreign currency accounts which were not declared in their tax returns. Similarly, the records of directors are also under scrutiny where sources of investment vis-à-vis their declarations are also found mismatching, for which separate proceedings are underway.

Copyright Business Recorder, 2017