Patna, May 29 (Inditop) A day after Income Tax (IT) raids on four coaching institutes in this Bihar capital led to seizure of nearly Rs.10 million in cash and undeclared investments worth many millions more, parents and students said they are shocked that the centres were making so much money and not paying taxes.
“I was surprised to know that sir (the owner of coaching institute) was minting money by exploiting students. Teaching students has become a big commercial venture as income tax raids exposed it,” Kunal Sharma, who paid over Rs.50,000 to attend a coaching institute here, said.
In recent years, the city has seen many coaching institutes come up to help students crack the Indian Institute of Technology (IIT) entrance exams.
According to IT officials, the coaching institutes that were raided Thursday were Gurukul Tutorials, Rahi Competition House and Education Corner, K. Singh Chemistry Classes and Parmar Coaching Classes.
“Raids were conducted on business and residential premises of the owners of the four coaching, they are Bhupesh Kumar, Vikash Rahi, Kanhaiya Singh and Anil Parmar,” an IT official said.
A team of investigation wing of the IT department carried out simultaneous raids in Patna, Darbhanga and Dehradun till late night Thursday, he said.
Another student, Deepak Singh, said that it was shocking that the coaching institutions are earning in millions and were not paying tax.
Arun Singh, father of a student aspiring for IIT admission, said that students from across the state came here to prepare for IIT and other engineering exams and coaching
had become a lucrative business with the institutes overcharging the students.