Home News Reports IT officials raid 130 premises of prominent jewellery chains to check tax evasion post demonetisation

IT officials raid 130 premises of prominent jewellery chains to check tax evasion post demonetisation

The Income Tax department on Wednesday conducted nation wide searches on 130 premises of prominent southern jewellery chain Joyalukkas, and a firm connected with it. Apart from it, reports claim that showrooms of another Kerala based jewellery chain were raided by the IT officials. The raids were both carried out in showrooms and other premises of these jewellery chains.

These 130 premises were raided in prominent cities like Chennai, Hyderabad, Thrissur and encompassed states like Kerala, Karnataka, Andhra Pradesh, Telangana, Gujarat, Maharashtra, Delhi and West Bengal.

The reason for this raid is speculated to be an effort to uncover alleged tax evasion post demonetisation.

- Ad - - article resumes -

During the raids the shops were shut and the staff wasn’t allowed inside the showrooms. The report claimed that, the raid focused on allegations of the firms suppressing sales and large scale cash deposits.

Joyalukkas was also in trouble in January, 2017 when it was found the jewellery chain hadn’t paid the mandatory 1% central excise duty for about Rs 1,500 crore worth of gold jewellery sold. The evasion amounted to about Rs 16 crores.

This raid by Income Tax official comes after a series of measures the department has taken post demonetisation.

It was reported that the Income Tax Department had slapped notices on 1.16 lakh individuals and firms, who made cash deposits of more than Rs 25 lakh in bank accounts post note ban but failed to file returns by the due date.

IT Department had also issued detailed guidelines to tax officers, which are to be considered while ordering scrutiny assessments pertaining to filing of revised/belated returns by assessees, post-demonetisation period.

In the form of a tangible return, the war on black money has resulted in a 22% jump on the number of people paying their income tax. What makes this jump more substantial is the fact that these taxpayers account for just 3% of the Indian population.

Help Opindia Reach Every Indian. Share This Post
We need your support to survive in the media industry. Please consider paying us for the content we produce:

To know more about these payments, please click here.


Big Story

India has successfully launched its second mission to the moon, the Chandrayaan-2.

2019 World Cup Is Here!

Catch the latest on Cricket World Cup as it unfolds, special coverage by Opindia

Proud to be a brand - Made in India?
Now, Advertise on Opindia

Sushma Swaraj shuts down trolls

Former EAM Sushma Swaraj shuts down a troll, Irfan Khan, who wishes death upon her

Sushma Swaraj was condoling death of former Delhi BJP President when troll insinuated that she too will die soon.

Omar Abdullah comes in support of Imran Khan who was not given official welcome on arrival in US

Khan's humiliation seems to have affected former Jammu and Kashmir chief minister Omar Abdullah who sprung to his defence

Netizens ‘express concern’ over Priyanka Chopra’s asthma after a picture where she is smoking cigarette went viral on social media

Twitter users even dug up Chopra's own old tweet condemning smoking where she had claimed she does not smoke. While things could change with time so do personal preferences, the hypocrisy is quite baffling.
Islamic extremism

Two youths, Shekhar and Basant forced to chant religious slogans by a mob that showed them Tabrez Ansari’s video, stabbed when refused

As Shekhar and Basant refused to raise religious slogans, the angry men reportedly stabbed them with knives.

Mangalore: Mohammad Ansari rapes a cow by tying its limbs, villagers catch him in the act, arrested

The villagers also made Ansari touch cow’s feet and ask for forgiveness for raping her. However, when Ansari approached the calf, the animal freaked out and started running.

Mangaluru villagers caught Mohammad Ansari raping a calf, police arrests villagers for ‘hurting religious beliefs’

In the Kunjathbail village in Mangaluru, Mohammad Ansari was caught red-handed by the villagers while he was raping a calf.

Here are 15 famous quotes from Harsha Bhogle during his commentary stint

The famous Indian commentator, Harsha Bhogle, born on July 19 in Hyderabad is celebrating his 58th birthday today.

Class nine student beaten by senior students for protesting ‘Allah Hu Akbar’ during National Anthem singing in school

When a Hindu student protested allah hu akbar chants during national anthem in school, he was badly thrashed by Muslim students
Couple forced out of village; husband pressurised to accept wife’s religion

Hindu boy’s family forced out of village for marrying Muslim girl, police advices boy to convert as villagers threaten to kill

Newlywed Hindu boy and Muslim girl approach SSP for protection as villagers threaten to kill them and local police ask the boy to convert

US snubs Pak PM Imran Khan, welcomed by low-key US officials on his maiden visit, escorted to the terminal in a bus

No Limo for Pak PM as he arrives in the US on his maiden visit, takes a bus to the terminal from the aircraft.
Subscribe to Day's Top Stories
- Advertisment -

Latest articles

Connect with us

173,708FansLike
159,996FollowersFollow
74,913SubscribersSubscribe
Help Opindia Reach Every Indian. Share This Post