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Cong Faces Tax Troubles: Receives Fresh Notice of ₹1,745 Cr from Income Tax Department

In what adds to the electoral woes of the Congress party in the election year, it has been reported that the party could potentially owe more in taxes than its total assets. The Income Tax Department has issued a fresh notice amounting to ₹1,745 crore to the Congress party. This comes shortly after demands exceeding ₹1,823 crore were made a few days back. The total demand from the Income Tax Office now stands at a staggering ₹3,567 crore against the Congress.

The recent tax notice pertains to the financial years 2014-15 (₹663 crore), 2015-16 (approximately ₹664 crore), and 2016-17 (approximately ₹417 crore). This poses perhaps the biggest challenge for the Congress yet, given that the party’s total assets are approximately ₹1,430 crore.

Sources indicate that the entire assessment was made after the discontinuation of tax exemptions for political parties. The department has also levied taxes on the Congress for “third-party entries.” These entries were reportedly found in diaries seized during raids. On Friday, the Congress received a notice from the department demanding a hefty sum of ₹1,823 crore as taxes. Income tax authorities have already withdrawn ₹135 crore from the party’s accounts in recent years for related tax demands.

This development could significantly impact the Congress’s financial standing, adding to the challenges it faces in the upcoming elections.

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