Income Tax raids Kannada film industry – Officials seize Rs. 11 crores and find Rs. 109 crores as undisclosed income

The Karnataka film industry was left shocked last week, when the Income Tax officials raided over 20 places of renowned film stars, film producers and filmmakers. The raid was conducted by around 200 officials and it has resulted in some whopping amount that has come to light as undisclosed income and the officials also ended up seizing about Rs. 11 crores. Although no names have been taken as of now, last week it was revealed that the raid happened in properties owned by celebrities like Sudeep, Puneeth Rajkumar and his brother Shivarajkumar, Rockline Venkatesh, Vijay Kirigandur, KGF star Yash, producer CR Manohar.

Income Tax raids Kannada film industry – Officials seize Rs. 11 crores and find Rs. 109 crores as undisclosed income

Further in a statement released in reports by the Income Tax officials, it has been clearly stated that they have got about Rs. 109 crores as undisclosed income during the said raid. This has also led the Income Tax Department to firmly warn all the Karnataka film industry folks to follow the guidelines and rules related to IT. They have asked them to make proper entries about the transactions and have also asked them to pay taxes on time.

Speaking of the raid, according to the latest reports and the statements in them, the Income Tax officials have found evidence of unaccounted expenses, unaccounted cash and jewellery through unaccounted income, unaccounted professional receipts by actors, suppression of income through sales of digital, audio and satellite rights, unaccounted cash receipts from distributors etc. There also seems to be evidence of diversion of cash that was reportedly found by the IT department and the latter will be taking due action against the same by processing the information and giving it to concerned departments.

The reports also claim that the IT department will also be taking proper action and launching cases and trials against the ones who have been caught in the web of tax evasion.

Also ReadKGF star Yash, Puneeth Rajkumar, Sudeep face IT trouble – Income Tax officers raid about 25 places owned by Kannada film industry biggies

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