Excelsior Correspondent
JAMMU, July 17: Following the Income Tax surveys in their premises, two traders of Jammu today surrendered Rs 2.20 crore undisclosed income while department has decided to launch special drive against the evaders as the Central Board of Direct Taxes (CBDT) has enhanced the tax collection target for the Jammu and Kashmir Circle this fiscal.
Official sources told EXCELSIOR that finding themselves completely caught in the dragnet of the Income Tax Department, M/s Gupta Decorators at Gole Puli Talab Tillo and M/s Kulbir Singh and Company at Gandhi Nagar voluntarily surrendered Rs 2.20 crore undisclosed income. While M/s Gupta Decorators surrendered Rs 1.20 crore concealed income, M/s Kulbir Singh and Company coughed up Rs 1 crore.
“These traders were found to have invested the undisclosed income in the stocks, utilized the same for unaccounted expenditure like repairs of the properties”, sources said. “Notwithstanding the surrender of Rs 2.20 crore undisclosed income, the Income Tax sleuths are not going to close the case as the Department is of the opinion that detailed scrutiny of the impounded documents would yield more concealed income”.
In response to a question, sources said, “the decision to conduct surveys in the premises of these two traders was taken on the basis of minute examination of the returns being filed by these traders”, adding “though their business was flourishing yet their returns were not showing any significant increase in the income”.
They disclosed that Income Tax Department has decided to launch special drive against the tax evaders during the current fiscal as the Central Board of Direct Taxes has increased the targets for the J&K Circle.
During the previous financial year, there was target of Rs 696 crore Income Tax realization for the J&K Circle but this year the same has been fixed at Rs 880 crore—an increase of around Rs 200 crore, sources informed. “Unless, the department tightens noose around the tax evaders particularly the habitual ones there would be difficulty in meeting the target”, they said.
Responding to another question, they said, “the department will closely monitor the first installment of Advance Tax, which is due on September 15, and thereafter the strategy for the special drive against tax evasion would be chalked out”, adding “during the special drive almost all the main towns and cities of the State would be covered”.
Making an appeal to the assessees to pay taxes as per the exact income, sources said, “before launching drive the department will make the people conscious about their legal obligation to disclose exact income and pay tax accordingly”, adding “the department is also planning to have an interactive session with the traders’ bodies, industries’ bodies and Chamber of Commerce and Industry to seek their cooperation in realizing the tax as per the exact income and to check evasion”.
“The department is expecting the assessees to pay Advance Tax installment after properly calculating the expected income that too on time”, they said while disclosing that each and every Income Tax Officer has been directed by the department to maintain hawk’s eye in their areas of responsibility so that any attempt to evade tax was thwarted.
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