BENGALURU: For the first time the net income tax collection for Karnataka and Goa (K&G) region in the 2017-18 financial year is likely to exceed Rs 1 lakh crore, said Rajnish Kumar, Principal Chief Commissioner of Income Tax, Karnataka & Goa, at a press meet in the City on Thursday.
K&G region is the third largest contributor to income tax revenue in the country, after Mumbai and Delhi. Listing the achievements of the I-T Department in the region in this fiscal year, Kumar said that post demonetization of higher value currency notes in November 2016, the Department has detected 571 cases of bank deposits above Rs 1 crore for which the depositors had not filed their income tax returns (ITRs).
"Most of these high bank deposits were linked to property transactions. In one instance we detected an undisclosed sale of property worth Rs 189 crore held by a couple, who was involved in real estate business, apart holding their regular jobs. They had not paid their ITRs for two years. On Wednesday the tax recovery officer arrested another assessee, who had deliberately defaulted on paying self assessment tax of Rs 16.45 lakh and had willfully alienated his property to escape recovery action," he added.
This is the first time the I-T Department has arrested a tax defaulter in the K&G region to send across a stern message to assessees, who deliberately evade filing tax returns.
"In another instance of high cash deposit we found that one assessee had diverted his unaccounted money to other persons' bank accounts. He later admitted of possessing unaccounted income of Rs 2,15,80,000 and has paid tax of Rs 87 lakh," the senior I-T officer said.
He added that the Department had conducted more than 600 surveys in the K&G region and verified 517 entities for defaulting on compliance with the provisions of Tax Deducted at Source (TDS). "Out of them 436 entities with tax default of Rs 250 crore were detected in Karnataka," said Sanjay Kumar, Commissioner, Income Tax (TDS). The Directorate of Income Tax (Investigation) has conducted 50 search and seizure operations this year and unearthed unaccounted wealth of Rs 5,259.4 crore. According to official sources, this year the DGIT has filed 111 prosecution complaints in 66 cases for various offences in the Income Tax Act.
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