Income tax raids continue in Narasannapeta on second day

Srikakulam: Fourteen income tax teams conducted surprise raids on 14 gold and jewellery shops in Narasannapeta town in Srikakulam district on second day on Wednesday. The teams led by principal commissioner of income tax of Visakhapatnam circle Ch Omkareswar conducting the raids. The 14 teams conducted simultaneous raids and verified records regarding transactions and seized some bills.

The IT officials found that the gold and jewellery merchants are evading tax from Rs 8 lakh to Rs 60 lakh. Some shops owners are evading Rs 8 lakh tax and some other big shops owners are evading up to Rs 60 lakh tax. “Merchants have been showing less business turnover to evade tax and during the raids we noticed it and we will send notices to them,” said principal commissioner Ch Omkareswar.