News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
« Indirect Tax »
 How much tax do you need to pay for your equity investments?
 Income Tax Department proposes new norms for taxing MNCs in India
 Can you claim tax benefit for tax paid on insurance premium? a
 Top 30 Income Tax Judgments in 2018
 Urban Development and Housing Department, Chakradharpur, Jharkhand
 National Rural Health Mission, Faridabad - Haryana
  Govt fails to release exporters’ pending sales tax refund claims
 Govt fails to release exporters’ pending sales tax refund claims
 How is dividend income taxed Here’s all you need to know
 How is dividend income taxed Here’s all you need to know
 How is dividend income taxed Here’s all you need to know

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.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2019 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Multimedia Presentations Multimedia Solutions 3D Solutions Corporate Presentations Business Presentations Multimedia Presentation India M

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions