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.

- Advertisement - - 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.


Share This Post and Support:
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.


Most read articles recently

AAP Candidate for Gautam Budh Nagar disqualified

AAP candidate for Gautam Buddh Nagar disqualified for failing to arrange 10 persons to back her nomination

As the AAP is not recognised as a national party by the EC, their candidate has to arrange a minimum of 10 people as proposers at the Returning Officer's office to back her nomination.
Tejaswi Surya attacked for Ayudha Puja

Congress IT cell attacks BJP’s Bangalore South candidate for performing Ayudha Puje as per Hindu rituals

Ayudha Puje is one of the widely celebrated festivals in India which falls during the Navratri

NC Lok Sabha candidate Akbar Lone begins a rally with ‘Pakistan Zindabad’, says will abuse anyone who abuses Pakistan

Akbar Lone, NC Lok Sabha candidate for Baramulla, said that the country across is a Muslim country and abusing Pakistan would mean he is abusing himself

Congress-friendly journalist tries to shield Dynasty, but Rahul Gandhi spoils the party by pulling a Rahul

Even though journalist Pallavi Ghosh sends out feelers to Congress President, he goes ahead and does completely the opposite.
Owner of AAP propaganda blog agitated when Sushma Swaraj stands up for two underage Hindu girls

AAP propaganda site owner gets angry after India expresses concerns over atrocities against Hindus in Pakistan

Sushma Swaraj's move to seek details of the Incident had agitated quite a few people in Pakistan, including their Information and Broadcasting minister Ch Fawad Hussain, who saw it as an intervention in Pakistan's internal matters.

Facebook arbitrarily suspends account of activist Anshul Saxena, fails to restore account despite no wrongdoing

The social media giant, Facebook, has allegedly resorted to arbitrarily suspending the account of social media user Anshul Saxena

Rahul Gandhi’s Minimum Income Guarantee could kill all other subsidies and be the mother of all scams

Remember, India’s worst-case scenario is also the Dynasty’s best case scenario.

Actor R Madhavan offers support to PM Modi to urge voters to cast votes in elections, gets trolled by ‘liberals’

Because of their sheer bitterness for Modi, these cynics are in no mood to spare anyone who comes out in support of Modi

Where is the money? Rahul Gandhi’s promise is going to cost a whopping Rs 3.60 lakh crore a year, 13% of union budget

Minimum Income Guarantee Scheme of Congress party ensures monthly income of Rs 12,000 for 20% of India's population
Malala has maintained a conspicuous silence over atrocities on Hindu girls in her country

Nobel Peace Prize winner Malala’s silence on abduction and forceful conversion of two Hindu girls is deafening

Malala, who often preaches the world about feminist adventures and jumps in to display her intellect over human rights issues especially against women across the world seems to have not found her voice to condemn the bigotry of Pakistanis as she could face severe backlash within her own country.

Latest articles

Connect with us

149,375FansLike
120,908FollowersFollow
31,585SubscribersSubscribe

Don't miss these


Share This Post and Support: