Income Tax returns filing: IT department wants Kannada film industry to pay taxes, file returns - Here is why they took such step
The I-T office issued search warrants under section 132 of the Income-Tax Act 1961 on those who were searched a day or two ahead of conducting the raids.
The Income-Tax (I-T) department will soon hold a meeting with the Kannada film industry fraternity on the need for paying taxes and filing returns, a top official said on Monday.
"We will soon hold a meeting with the Karnataka film industry to convey that they (fraternity) should pay taxes and file returns," said Karnataka Director-General Income -Tax (Investigation) B.R. Balakrishnan told reporters here.
The department`s sleuths found recently that many in the film industry like cameramen, make-up personnel and crew were not filing tax returns.
"Through the meeting, we want to appeal to the film fraternity to pay their taxes," said Balakrishnan a day after his office on Sunday revealed that searches on 4 Kannada super stars and 3 producers resulted in seizure of undisclosed assets valued at Rs 11 crore, including Rs 2.85 crore in cash and 25 kg gold jewellery.
Incriminating evidence found during the searches from January 3-5 also resulted in the defaulters admitting to Rs 109 crore unaccounted income.
"Rs 109 crore concealed income was found so far in all the searches on actors and film producers. The searches are going on," the DG said.
The I-T office issued search warrants under section 132 of the Income-Tax Act 1961 on those who were searched a day or two ahead of conducting the raids.
"The searches are an evidence gathering exercise. We will continue the searches and investigation. The evidence will be sent to a senior officer to assess the income earned and tax payable. In a few exceptional cases, we will file prosecution straight away as well," Balakrishnan told IANS on the margins of an event.
The tax office will adjust the money found (seized) against the tax demand or penalty demand.
In a related development, the tax department celebrated "Investigation Day" and felicitated officers and staff of its investigation wing for detecting a whopping Rs 12,268 crore concealed income across the Karnataka and Goa region during the fiscal 2017-18.
"Of the concealed income, Rs 5,339 crore was confessed by the tax payers. Rs 78-crore unaccounted income was seized in the last fiscal," said Balakrishnan on the occasion.
During this fiscal (2018-19) the Investigation Directorate conducted searches resulting in admission of undisclosed income of Rs 4,038 crore and detection of Rs 6,134 crore unaccounted income.
Searches were conducted on assessees spanning politicians, bureaucrats, breweries, multinationals, mining barons, diagnostic centres, trusts, educational institutions, medical colleges, real estate, fisheries and film industry.
"The searches have resulted in collecting evidence on tax evasion. In many cases, searches exposed complex web of overseas entities floated by assessees for laundering money abroad and investments made in foreign assets having ramifications under the Black Money Act," recalled Balakrishnan.
Watch This Zee Business Twitter Video
#LIVE | बाजार के हर कन्फ्यूजन का सॉल्यूशन जानिए #FinalTrade में @AnilSinghviZEE और बाजार के दिग्गजों के साथ। https://t.co/eeH3k5ooXS
— Zee Business (@ZeeBusiness) 8 January 2019
The department has issued notice in many cases under the BMA to the assesses and initiated prosecution.
Under the new Benami Prohibition Units in Bengaluru and Panaji, 84 properties valued at Rs 563 crore were attached, while 91 benamidars and 19 beneficial owners were identified.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Senior Citizen Latest FD Rates: Know what major banks like SBI, PNB, Canara Bank, HDFC Bank, ICICI Bank are providing on fixed deposits
Gratuity Calculator: Rs 38,000 as last-drawn basic salary, 5 years and 5 months of service; what will be gratuity amount?
Top 5 Small Cap Mutual Funds with best SIP returns in 1 year: See how Rs 25,000 monthly investment has grown in each scheme
Top 7 SBI Mutual Funds With Best SIP Returns in 1 Year: Rs 25,000 monthly SIP investment in No.1 fund has jumped to Rs 3,58,404
02:13 PM IST