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| IT Deptt's tough posturing instills fear among Buzz class | | Prominent business houses on radar; raids likely soon | | early times report
JAMMU, Sept 6: As the Income tax department skewed brows against couple of the tax evading establishments while slogging siren to file the outstanding tax that amounts to crores on account of undisclosed income before the evaders. The tough stance by the IT officials has left many businessmen frightened at large.
According to reliable sources, the Department has prepared a list of at least 20 business establishments against whom the IT surveys were likely in days to come. However, the whole process is being kept under cover by the IT Sleuths.
Though the meeting between the states executives of Institute of Chartered Accountants of India (ICAI) and commissioner income tax (J&K) A K Thathai yielded no fruit as yet, many prominent business establishments in Jammu are feared to face sudden wrath of IT officials owing to the non-payment of income tax and non-disclosure of income since long.
Sources said that the IT department is likely to continue with frequent raids on some listed business establishments as they had been called upon by the department several times but the they failed to appear before the authorities.
Pertinently, the executive committee of J&K branch of Institute of Chartered Accountants of India (ICAI) led by its chairman, CA Dalip K Kaul, met the Commissioner of Income Tax, (J&K), AK Thathai and tried to impress upon him seeking extension in the due date of filing of Income Tax returns of assesses whose accounts are required to be audited, by a further period of three months.
They had apprised the IT official that the online filing scheme is being frequently revised by the Income Tax Department wherein a lot of technical difficulties are being faced by assesses and CAs in uploading the Income Tax returns.
Pertinent to mention that recent raid of IT sleuths on six city jewelers yielded voluntary disclosure of more than 24 crore rupees of concealed income.
The surveys under section 132 of the Income Tax Act, 1961 were conducted at two Showrooms of Silver Lines at KC Plaza and Lakhdata Bazar, Krishna Jeweller and Roshan Lal Ravinder Kumar at Jain Bazar besides Showrooms of Talla Jewellers at Lakhdata Bazar. The IT teams conducted surveys at the residential premises of all these jewelers.
Official sources claimed that huge discrepancies were detected in these business establishments during the two days long 'surveys' conducted by the IT teams. The teams have concluded the survey at all six premises this morning and analysis of the documents recovered from these showrooms was in progress.
A senior IT officer when contacted confirmed the surrender of nearly Rs 24 crores by the Jewellers saying that the survey had been concluded the other morning and the examination of the seized documents was in progress.
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