Income Tax finds Rs200 crore of unaccounted money in Hubli region
March, 13th 2014
The Income Tax (I-T) department traced Rs200 crore of unaccounted money suspected to belong to people involved in mining, transport and other such professions in Hubli region.Sources in the department told dna that a recent survey had also revealed that a group of civil contractors and hoteliers were found in possession of about Rs20 crore of unaccounted money.
"However, after issuing notice, the amount was surrendered for taxation," the sources said.
The Income Tax Department of Hubli region encapsulates mining hub Bellary, Dharwad, Gulbarga, Raichur, Bidar, Davangere, Haveri, Chitradurga, Shimoga, Gadag, Koppal and some parts of Uttara Kannada districts. However, district-wise break-up of the unaccounted money is unavailable. It is suspected that the mining industry is a major contributor to the unaccounted income.
When contacted, chief commissioner of Income Tax-Hubli, Pavan Kumar Sharma, confirmed finding Rs200 crore of unaccounted money and said the taxes calculated on the amount alone is about Rs40 crore.
"Further inquiries are in progress on these cases and the department will levy penalty and initiate prosecution if intentional concealment of money is detected. The prosecution proceedings have already started in six cases during this financial year," he explained.
As the sectors like mining, transport, agro industries, manufacturing, hospitals and domestic consumables are doing well this year, and the department is expecting good tax collection from them in the March installment of advance tax, "The taxes payments of all the top payers are being monitored by the department closely. We advise all assessees to estimate their income correctly and to pay the advance tax by March 15 as per rules to avoid any further legal proceedings for non-payment, less payment or improper staggering of advance tax installments," he stated.
He noted that some assessees defaulted their advance tax payments in the previous year and that the department is issuing notices to such defaulters and examining their case to impose penalty and initiate prosecution. "This year, the wealth tax liability of various assessees is being monitored. We have already identified few defaulters and issued notices to them, calling for their wealth tax returns. The exercise is being carried out for other assessees also," he informed.Hubli regional office has achieved 75% in tax collection by collecting Rs688.40 crore against target of Rs920.98 crore in the current financial year.