Financial Daily
from THE HINDU group of publications
Friday, October 12, 2001
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Financial Daily from THE HINDU group of publications Friday, October 12, 2001 |
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Market players asked to comply with tax laws
Our Bureau
MUMBAI, Oct. 11
INCOME-Tax searches on share brokers during the year beginning April 1, 2001, has revealed undisclosed income of about Rs 1,200 crore, according to a press release from the Office of the Director-General of Income-Tax (Investigation), Mumbai (DGIT).
The release said ``Hitherto unprecedented huge undisclosed incomes'' were also found with builders, manufacturers, publishers, diamond traders, computers and software media, etc.
Mr D.G. Saran, DGIT (Investigation), warned that while the tax department was totally assessee-friendly, the market place was being constantly watched for evasion. Market players will be well-advised to adhere to tax laws in their own interest.
The entities found evading tax include the UTV group, Transworld Shipping, Mehta Sulphates, Abujani and Sandip Khosla (dress designers), Dewan Housing, Eider Pharma, etc.
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