Income tax investigation has led to detection of undisclosed income of ₹7,098.32 crore up to February this year, of which the assessees have admitted to ₹4,711.54 crore of undisclosed income, an annual report by the Income Tax Department, Karnataka and Goa, has revealed.
Last year, the undisclosed income accepted and detected during investigation were much higher, and they came from 56 groups. As many as 144 groups were searched during 2018–19.
During 2018-19, investigation was marked by its wide coverage across sectors — film industry, mining, diagnostic labs, city-based multinational companies, and Cabinet Ministers, the I-T Department said.
Certain sectors, such as the film industry and diagnostic labs, were targets of probes after a long time. This is also the first year that the department arrested two tax evaders.
The department has also taken up investigation with wide ramifications under the Black Money Act, 2015. A statement said that many in mining business had laundered money to create undisclosed overseas assets. Some of them had surrendered their Indian citizenship and taken up citizenship of other countries. As many as 26 cases involving undisclosed foreign assets worth ₹790 crore had been detected.
The department made 235 provisional attachments, attaching properties worth ₹389.4 crore and over 200 acres of land. Till date, the department has been successful in identification of 92 benamidars and 36 beneficial owners, according to the statement. This includes properties worth ₹75 crore attached as benami properties in the case against Karnataka Water Resources Minister D.K. Shivakumar.
Tax collection in the Karnataka and Goa Circle was ₹1,11,152 crore as on March 22, said B.R. Balakrishna, Principal Chief Commissioner of Income Tax and Director-General (IT Investigations), Karnataka and Goa, at a press meet on Saturday.
Control room for polls
The department has set up a control room in the city with a toll-free number (1800 4252115) to monitor movement of money during the Lok Sabha elections. The control room is receiving 10 to 15 calls a day, officials said. The department has formed teams in each district of the State and five intelligence units in Mangaluru, Mysuru, Hubballi, Belagavi, and Ballari for the same. “We are receiving information from banks and the same is being scrutinised for any suspicious transaction. We will also be verifying the affidavits of the candidates vis-à-vis return of income filed by them,” the department said. “Till date, three searches have been conducted, resulting in total cash seizure of ₹2.37 crore,” it said.
