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Single-day raid yields Rs 6 crore black money

The Income Tax Department seized Rs 6 crore in cash through raids conducted on the premises of financiers in Coimbatore, Salem and Karur, on August 10.

Published: 17th August 2017 01:01 AM  |   Last Updated: 17th August 2017 07:23 AM   |  A+A-

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Express News Service

COIMBATORE: The Income Tax Department seized Rs 6 crore in cash through raids conducted on the premises of financiers in Coimbatore, Salem and Karur, on August 10. Income tax plays a vital role in generating revenue to the central government. Last year, Rs 8,48,000 crore was collected and this year the government has fixed target at Rs 9,80,000 crore.

Apart from normal tax collection, the enforcement wing holds the responsibility to seize unaccountable money and documents of the assets which are purchased against the law. After demonetisation, more enforcement activities are witnessed across the nation.

The Coimbatore income tax region covers Coimbatore, Pollachi, Tirupur, Erode, and The Nilgiri districts. The region stands next to Chennai in collecting more tax. The recent raid conducted has made many industrialists, businessman and politicians afraid that anytime they may have to face the enforcement activities in their premises.

An official in the Income Tax department in Coimbatore said, “Coimbatore region is known for both more tax payment and more tax evasion. Hence the enforcement wing is giving more importance. On August 10, the department conducted raids at the premises of seven financiers who had business in Coimbatore, Salem and Karur.”

“Within the span of 24 hours, the whopping sum of Rs 6 crore was seized. Out of the seven financiers, four belonged to big finance groups and three were of smaller business groups. Lots of documents were also confiscated. We will get a clearer picture of the assets seized only at the end of the investigation,” the official added.

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