Chennai: In a significant development, the Income Tax department has taken action against the University of Madras by freezing 37 of its bank accounts on Saturday.
The move comes amidst allegations of unpaid taxes totaling a staggering amount of Rs 424 crores for the financial years 2017-18 to 2020-21.
The venerable educational institution, with a legacy spanning over 150 years, finds itself embroiled in a financial crisis as a result of these alleged tax dues.
The repercussions of this action are expected to reverberate throughout the university community, with potential delays in salary disbursements to professors and pension payments to retirees.
Sources indicate that the University of Madras authorities are actively engaged in efforts to address this situation and retrieve control of the frozen accounts. However, the immediate impact on the institution’s financial operations remains a matter of concern.
