Rs.300 crore haul in Karnataka tax raids

Income tax raids on many cooperative housing societies across Karnataka led to unearthing of Rs.300 crore of unaccounted income, a senior official said Friday.

"Investigations, which began in September-October and are still continuing, revealed that many housing societies did not file income tax returns nor deducted TDS on payments made to developers," income tax spokesman Lokesha said here.

Search and seizure operations also found the societies making huge cash payments to realty firms without proper receipts.

"We are verifying the huge tax evasion by the cooperatives with our investigation wings and field officers of the department," Lokesha added.