Yesterday, news broke out that Tollywood superstar Mahesh Babu s bank accounts were frozen by the Central Board of Direct Taxes authorities for not paying GST related to brand endorsements during the year 2007-2008. According to reports, the GST department of the Board has attached two bank accounts of Mahesh Babu for an amount of Rs 73.5 lakh in connection with these tax dues which includes penalties and interests levied on the taxes which were to be paid by the actor. The above mentioned two accounts held by the actor in nationalised banks have been seized by authorities of the tax department on Thursday in Hyderabad. The actor's legal team has finally replied to the accusation.
Mahesh Babu's legal team sends out a statement saying, "The GST Commissionerate Hyderabad has attached the bank accounts for a disputed tax demand of Rs 18.5 lakhs claiming Rs 73.5 lakhs towards Tax interest and penalty for brand ambassador services rendered in FY 2007-08 which was not taxable service. The brand ambassador services was brought in the statute by insertion of section 65(105)(zzzzq) with effect from 1-7-2010. The GST Commissionerate Hyderabad has carried out the attachment without notice when several judicial pronouncements on this issue is in favour of the taxpayer and more so when the dispute is pending before the High Court."
Mahesh Babu's next release is Maharshi and we hope it gets sorted out before that.
by via Bollywood News and Gossip | Bollywood Movie Reviews, Songs and Videos | Bollywood Actress and Actors Updates | Bollywoodlife.com
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