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Doc's unreported income show up in Mumbai raids
February, 24th 2007

Income tax officials, who conducted raids on doctors in Mumbai on Thursday, said they have unearthed an average undisclosed income of Rs 1 crore from each doctor. One doctor has confessed to have unreported income of close to Rs 3.5 crore.

The premises of 20 doctors have been searched and the volume of unaccounted income is expected to go up once the officers start accessing bank lockers. A senior officer said the action against doctors was based on the information that many doctors dont pay tax despite having a good practice.

Also, the department wanted to communicate to professionals that it is better to pay up than being fined with interest for not reporting their income. According to tax rules, income generated this year attract tax on a regular rate, while the income generated in the past years but detected during a raid will result in penalty and interest.

 
 
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