I-T raids in Karnataka, Goa detects undisclosed income of Rs 6,134 cr with total seizure of Rs 120 cr

Income Tax raids in Karnataka and Goa region have detected undisclosed income of 6,134 crore rupees with a total seizure of 120 crore rupees till November in this financial year. Director General of Income Tax BR Balakrishnan said that the newly set up Benami Prohibition Units in Bengaluru and Panaji have attached benami properties worth 563 crore rupees and successfully identified 91 benamidaars and 19 beneficial owners.

He was addressing the media persons in Bengaluru on Monday after the Investigation Day celebrations to acknowledge and felicitate the outstanding work done by the officers and staff in exposing the tax evaders. Balakrishnan said that Karnataka and Goa region tax collection crossed one lakh crore rupees last year.

By November 2018, the Directorate had conducted searches resulting in admission and detection of undisclosed income of Rs 4038 crore and Rs 6134 crore respectively with total seizure of Rs 120 crore, a statement from the department said. All these searches have resulted in collecting credible evidence on tax evasion. They revealed a complex web of overseas entities floated by the assesses for laundering money abroad and investments made in foreign assets. These tax evasions violate the Black Money Act, the statement added.

The target for this year is one lakh 83 thousand crore, out of which 80 thousand crore rupees have already been collected.

COURTESY :- NEWS BHARATI