The Income Tax department will soon hold a meeting with the Kannada film industry fraternity on the need for paying taxes and filing returns, Karnataka Director-General Income Tax (Investigation) BR Balakrishnan said. Tax officials had recently raided top Kannada actors and film producers.
After the raids, tax officials had seized undisclosed assets worth Rs 11 crore. The defaulters also admitted that they had Rs 109 crore worth of unaccounted income.
"The searches are an evidence gathering exercise. We will continue the searches and investigation. The evidence will be sent to a senior officer to assess the income earned and tax payable. In a few exceptional cases, we will file prosecution straight away as well," Mr Balakrishnan told news agency IANS
The tax office will adjust the money found (seized) against the tax demand or penalty demand.
In a related development, the tax department celebrated "Investigation Day" and felicitated officers and staff for detecting a whopping Rs 12,268 crore concealed income across the Karnataka and Goa region during the fiscal 2017-18.