OUR STAFF REPORTER Indore City of Indore is not only developing commercially but the number of local crorepatis is also increasing rapidly, says Chief Commissioner Income Tax S K Mishra. As against 260 crorepatis in 2010- 11, about 423 Ind
oreans became taxpayer crorepatis in the last fiscal ( 2011- 12), said Mishra on Friday.
According to Mishra, MPs commercial city recorded a phenomenal growth of 63 per cent in creation of crorepatis in 2011- 12.
Similarly, the number of lakhpatis too made a quantum leap from 6,158 in 2010- 11 to 8,752 in 2011- 12, a record growth of 42 percent.
Mishra said that during the last fiscal, 12,2594 new lakhpatis were added.
As per the rules of Income Tax, any person who declares his assets in a given financial year of Rs 1 crore or more is considered a alt145 crorepatialt39while any person reporting income of Rs 10 lakh and above is considered as alt145 lakhpatialt39. Surrender of income increased Mishra said that income surrendered by persons or companies during surveys had increased manifold during the financial year. Under the normal practice, when a survey is undertaken by the Income Tax department, company, persons surrender certain money as alt145 undeclaredalt39income whereupon the survey stops.
However, documents seized during the survey are scrutinised later to assess the actual income and accordingly the assessee is asked to remit the remaining undeclared income. Mishra said that during the previous financial year undeclared income assessed turned out to be higher than what was surrendered in many instances.
Citing example of survey on KT Constructions, Mihsra said that the company had urrendered Rs 70 crore asalt145undeclaredalt39income uring the surveyundertaken on the company.However after the scrutiny of seized documents, the undeclared income by the company came to Rs 368 crore, almost six times. Similarly, during the survey on Kataria group, the group surrendered Rs 26 crore as alt145undeclaredalt39income. After scrutiny, it was found that the group was involved in cable business besides its jewellery business and the undeclared income was assessed at Rs 392 crore. Mishra said that inquiry into remaining surveys is still going on. Rs 10 crore surrendered: The I-T Department conducted a survey on a construction company on Thursday and during the survey the company surrendered Rs 10 crore as undeclared income. According to sources, a team of income tax officials led by Income Tax Commissioner Circle II, Suman Kumar Anand conducted the survey on Tukoganj premises of Ayush Ajay Construction Private Limited on Thursday afternoon which lasted till Friday morning. A huge cache of documents were seized and by late night the company surrendered Rs 10 crore as undeclared income. The company has contracts for projects under BOT and operates toll tax booths.
