I-T collection in Karnataka-Goa region to cross Rs 1L-crore this fiscal

The Income Tax department on Thursday said that for the first time net collection of tax in Karnataka-Goa region will reach Rs 1 lakh crore by the year end.

"We have collected Rs 98,000 crore as on date and are confident of crossing Rs 1 lakh-crore mark by the end of this month. Last financial year, the net collection stood at Rs 87,500 crore,'' Principal Chief Commissioner of Income Tax Rajnish Kumar said.

Kumar said that the department had conducted 50 searches, unearthing an unaccounted income of Rs 5,259 crore in 2018. He said that department will launch more survey operations to unearth undisclosed income and particularly of those who have not filed returns of income.

He said the department has been rigorously following up cases of cash deposits of high denomination, especially after demonetisation in December 2016. The I-T department (Karnataka-Goa region) has detected 21,628 cases of deposits of more than Rs 10 lakh wherein returns were not filed. ``As many as 570 people have deposited more than Rs 1 crore. The department has issued notices to all of them. We are after them and most of the cases will end in prosecution," he said.

First arrest

On Wednesday, the Tax Recovery Officer of Income Tax department arrested a person for failing to pay the self-assessment tax of Rs 16.45 lakh. "It is for the first time in Karnataka that an assessee has been arrested under provisions of Income Tax Act,'' an official said.