The searches and surveys carried out by the Directorate General of Income Tax on various tax evaders throughout the State resulted in income disclosure of Rs.1,000 crore for the first half of the current year.
Since April 2013, the department conducted searches and surveys on firms in the State dealing in jewellery and real estate, on restaurants, medical and engineering colleges, film production and distribution and logistic firms on the assumption that they were either planning to make investments in real estates, collected capitation fees or failed to disclose their investment details for the last few years.
Out of the total income disclosure of Rs.1,000 crore for 2013-14, Chennai city accounted for Rs.650 crore. GRT group led the pack after having admitting the tax officials’ claim and confirmed tax evasion of Rs.230 crore, followed by SRM group of institutions (Rs.130 crore).
In the last three months, tax officials conducted searches on business premises, offices, guest houses and residences of Meenakshi College for Engineering that led to income disclosure of Rs.91 crore, VIP Housing Rs.25 crore, Jubilee Housing Rs.35 crore, Indev Logistics Rs.35 crore, Hotel Saravana Bhavan Rs.25 crore, A2B Rs.40 crore and Lion Dates Impex Rs.30 crore.
The department also conducted searches and surveys of real estate and jewellery firms in Coimbatore, Tiruchi and Madurai and their tax liabilities were yet to be finalised.
Last year, the department recovered cash, jewellery and immovable assets of Rs.1,000 crore and this year the target was pegged at Rs.2,000 crore. However, the department was able to surpass last year’s collection amount during the first six months itself. The taxes on it along with interest and penalty would be more than Rs.400 crore.
