The IT department’s recent investigation has revealed that some cooperative housing societies in Karnataka have indulged in a huge-scale tax evasion.
The IT sources are quoted as saying some of the housing cooperatives have not disclosed their income of Rs. 300 crore for taxation. The lapse spans September and October in 2013.
As per the release issued by the IT dept, scores of these cooperative societies have neither filed IT returns nor deducted TDS on payments made to developers. The cooperatives have even carried out huge cash transactions, the release informs.
The investigation is still in progress and the IT sleuths are probing various forms of tax evasion, the release claimed.
