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Karnataka, Goa bet on Rs 1 lakh crore from income tax
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SME Times News Bureau | 22 Mar, 2018
Karnataka and Goa Income Tax
(IT) Department would collect over Rs 1 lakh crore from income tax
payers in the two neighbouring states for the fiscal 2017-18, a tax
official said on Thursday.
"For the first time, net collection of
taxes in Karnataka and Goa region is likely to cross Rs 1 lakh crore
this fiscal year, as against Rs 89,500 crore during the previous fiscal
from 2016-17," the Chief Commissioner of Income Tax for Karnataka-Goa
region Rajnish Kumar told the media here.
Karnataka-Goa region is the third highest contributor to income tax revenue in the country, after Mumbai and Delhi.
"After
demonetisation (on November 8, 2016), we got huge data of people who
made huge monetary transactions, but did not disclose them in their
returns. We have identified 571 such cases in the region who have
deposited over 1 crore each, but did not file the IT returns, and have
served notices to them," Kumar said.
However, the rise in IT
revenue collected this fiscal could not be directly linked to the high
value currency note ban as the increment was observed over many years,
Kumar asserted.
During the 2017-18 fiscal, the IT Department had
conducted over 600 surveys to probe into the undisclosed incomes of
those who have not filed their IT returns.
Nearly 21,628 cases
had made transactions worth over Rs 10 lakh during the fiscal but did
not file returns, the IT official added.
"We are after all such
cases, which include doctors and lawyers. If found that they're hiding
their income, they will be prosecuted" Kumar stressed.
Surveys
conducted to check the compliance with the Tax Deducted at Source (TDS)
norms in the Karnataka-Goa region revealed an undisclosed income of Rs
2,994 crore and the total tax collected in the fiscal till date was Rs
262 crore, he said.
"One person was arrested by the Tax Recovery
Officer on Wednesday for failure to pay the self-assessment tax of Rs
16.45 lakhs and for deliberate alienation of property to escape
recovery," Kumar added.
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