On March 10, The Income Tax department conducted searches at various educational institutions related to the Sri Chaitanya Educational Institutions. The company has a significant presence in Telangana and Andhra Pradesh, as well as Delhi, Mumbai, Bengaluru, and Chennai, where the searches were carried out.
The search was carried out on March 10 and continued on March 11 at the company’s headquarters in Madhapur, Hyderabad. I-T inspectors have so far confiscated around Rs 5 crore in cash. Authorities reportedly suspected that the colleges were employing dual software to hide some transactions from authorities in order to avoid paying taxes, thus they were looking into the software systems used to record fee transactions, the report says.
According to a report, the I-T department is also looking into claims that the colleges were using cash payments to collect fees in order to avoid paying taxes.
The massive raid is simultaneously taking place over 30 campuses across India. The raid is carried out on the basis of claims made by the students. According to the students, they paid large sums of money in cash to the popular educational institution but the institution failed to report the transactions or pay taxes.
The local media reported that Sri Chaitanya institutions made hundreds of crores per year from entrance, exam, and tuition fees. For internal transactions, the authorities kept two distinct software systems up to date.
With a vast network of schools, junior colleges, hostels, coaching centers for IT-JEE, NEET, EAMCET, and UPSC-CS preparation, and degree colleges throughout India, Sri Chaitanya Educational Institutions is regarded as one of the most well-liked educational establishments, mostly in the two Telugu states. BS Rao and his wife, Jhansi Lakshmi Bai, started it in 1986.
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