IT Directorate uneaths Rs.507.72 crore of undisclosed income

Bangalore, Jun 05 (UNI) The Income-Tax Investigation Directorate, Karnataka and Goa has unearthed undisclosed income of Rs.507.72 crore during 2006-07, up by 290 per cent over the previous fiscal.

The Directorate in a release said that the personal of the directorate had carried out 37 operations in all and seized unaccounted assets to the tune of Rs 23.74 crore including Rs 21.2 crore cash. Those who have admitted the undisclosed income include those involved in iron ore miners and exporters, real estate, marble and granite traders, educational institutions and film artists.

The post search work relating to concluding investigations and assessment was carried out by the Central Commissionerate under the Director General of Income-Tax (Investigation). The taxes collected by the Central Commissionerate during 2006-07 was amounted to Rs.788.72 crore as against Rs 590.86 crore in the previous year, registering an increase of 33.5 per cent increase in tax collection.

UNI