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Income Tax raids on film producers, distributors in Tamil Nadu

The Income Tax Department on Saturday performed raids at a number of areas belonging to individuals related with the film business. The raids have been performed at 40 premises in Chennai, Madurai, Coimbatore and Vellore.

The raid on film producers, distributors, and financiers related to the film business comes after the search and seizure operations have been carried out on 2nd August 2022.

The Central Board of Direct Taxes (CBDT) stated in a press release that a number of incriminating paperwork and digital proof associated to unaccounted money transactions and investments have been seized. The CBDT additionally unearthed secret and hidden premises at areas.

The search operation has resulted in the seizure of undisclosed earnings exceeding 200 crore which incorporates money of 26 crore and gold jewellery of round 3 crore.

The CBDT collected items of proof that reveal tax evasion. The division claims that the precise quantity earned from movies is far more than the quantities proven in books for evaluation.

The searches of the premises of film financers revealed paperwork like promissory notes and so on. that are associated to unaccounted money loans. These loans have been superior to a number of film manufacturing homes and others.

The unaccounted earnings generated was additionally deployed for undisclosed investments in addition to undisclosed funds.

The proof additionally factors in the direction of unaccounted money assortment from the theaters by film distributors.

“As per the evidences, the distributors have fashioned syndicates and have systematically suppressed the theatre collections, ensuing in the suppression of precise earnings,” the CBDT said according to news agency ANI.

With Inputs from ANI.

 

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