Income Tax raids on film producers, distributors in Tamil Nadu

The Income Tax Department on Saturday conducted raids at multiple locations belonging to people with ties to the film industry. The raids were conducted at 40 facilities in Chennai, Madurai, Coimbatore and Vellore.

The raid on producers, distributors and financers involved in the film industry comes after search and seizure operations were carried out on August 2, 2022.

The Central Commission for Direct Taxes (CBDT) said in a statement that a number of incriminating documents and digital evidence related to undetermined cash transactions and investments were seized. CBDT has also unearthed secret and hidden premises at the sites.

The search resulted in the seizure of undisclosed income in excess of 200 crore including cash of 26 gold and gold jewelry of the surrounding 3 crore.

The CBDT Collect pieces of evidence that show tax evasion. The department claims that the actual amount earned from the movies is more than the amount shown in the book for review.

Searches of the film sponsors’ premises have revealed documents such as promissory notes, etc. related to unsettled cash loans. These loans have been advanced to many film producers and others.

Unearned earnings generated are also deployed to undisclosed investments as well as undisclosed payments.

The evidence also shows that collecting money is not from cinemas by movie distributors.

“According to the evidence, the distributors formed associations and systematically suppressed theater collections, resulting in the suppression of real income,” CBDT said according to news agency ANI. .

With input from ANI.

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