Concealment of income by TV actor unearthed

Directorate General of Intelligence and Intelligence Inland Revenue Lahore has unearthed concealment of income by a famous TV actor of Lahore, who is also hosting a morning show as well as actively participating in advertisements. Sources told Business Recorder here on Thursday that on the basis of information about suppression of income, the I&I-IR investigated the tax affairs of famous TV actor.
During investigation bank statements in respect of the bank accounts being maintained by the taxpayer were obtained from his respective bankers. When the total of bank credits was compared with the receipts declared for the Tax Years 2014 and 2015 this led to detection of suppressed receipts.
The detail of suppressed receipts and difference between declared receipts and the amounts of bank credits is available with the agency. The regional directorate of Lahore has also detected undeclared bank credits of Rs 55,157,111 in the case of famous TV actor of Lahore.
The said state of affairs calls for action u/s 122(5) read with section 111 of the Income Tax Ordinance, 2001 for the Tax Years 2014 and 2015. Accordingly, Directorate General of Intelligence And Investigation Lahore has sent the Investigation Report to RTO-II, Lahore for necessary action. The investigation report is related to the said actor having address of Samanabad Lahore.
Details revealed that the Directorate of Intelligence & Investigation Inland Revenue, Karachi had initiated investigation into the tax affairs of the taxpayer and subsequently transferred the same to the Directorate of Lahore on the point of jurisdiction. The taxpayer is registered with income tax w.e.f. 10.9.2002 in the capacity of an individual having NTN.
The fact and circumstances clearly depict the difference between total receipts and total amount credited in bank accounts for the tax years 2014-2015 merits u/s 122(5)/111(1) of the Income Tax Ordinance, 2001 under the head income from other source. The directorate has proposed that proceedings under section 122(5)/111(1) for the tax year 2014 & 2015 of the Income Tax Ordinance, 2001 be initiated and penalty u/s 182 may also be imposed as per law.