The raids also resulted in the admission of unaccounted income of about Rs 109 crore by the accused. Photo:istockBengaluru: The Income Tax Department Sunday said the searches conducted on various persons and entities in the Kannada cinema industry, including top actors, resulted in the seizure of undisclosed assets valued at Rs 11 crore. The raids also resulted in the admission of unaccounted income of about Rs 109 crore by the accused, it said. The Income Tax Department requests the entertainment industry in Karnataka to follow laid down accounting standards by recording all transactions in books of accounts and pay due taxes, it said. The search action covered film production companies, film producers, film financiers and actors.

Source: Mint January 06, 2019 14:15 UTC