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The Directorate General of Income Tax (Investigation), Karnataka and Goa region, has begun investigation into possible tax evasion in mining, real estate and other sectors in Karnataka.
Addressing reporters, S. Ravi, Director General of Income Tax (Investigation), Bangalore, said the directorate has set up a mechanism at the Bangalore International Airport to monitor and intercept the movement of unaccounted cash and other valuables, including jewellery.
“We are also focusing on various financial transactions, including banking, mutual funds, investments on immovable properties, shares etc, without the investors quoting the PAN,” he added.
Collection hit
Chief Commissioner of Income Tax, Bangalore, I.K. Satyanarayana, said the ban on iron ore mining imposed by the Supreme Court has brought down tax collection by about Rs 3,000 crore and the impact was more in Goa region than Hubli/ Bellary in Karnataka.
Karnataka & Goa region had been in the third position in tax collection, after Mumbai and Delhi. The target for this financial year was Rs 53,000 crore and so far Rs 32,830 crore has been collected.
Though this is higher than last year’s collection of Rs 30,328 during the same period, it is lesser than the national average of 14 per cent, Satyanarayana explained.
He said a large number of government departments have not been remitting tax deducted at source to the IT department. Also large corporates are shying away from paying the advance tax, he regretted.
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