Mumbai IT department to intensify search operations

The Mumbai IT department will intensify search operations in the coming weeks. IT, Infrastructure and FMCG sectors are likely to be on the radar for under reporting of accounts. IT Department is set to complete its assessment of top corporate houses by December end. It has so far found under reporting of Rs 50 crore in its search at Sunteck Realty and Rs 150 crore at Mandhana Industries. Income Tax is one of the main income of the government, which has a severe shortage of resources. The Finance Minister Pranab Mukherjee had recently asked taxmen of Mumbai region to pull up their socks to achieve collection target. Mumbai region accounts for one-third of the total collection of direct taxes. It has been targeting a 33 per cent increase in income tax collections at Rs 2,04,000 crore for the financial year, but has achieved a meager 4 per cent jump in advance tax collections. In the direct tax segment, advance tax contributes the most.

Source: NDTV