Saturday, January 29, 2011
Income Tax raids on the houses of actresses Katrina Kaif and Priyanka Chopra
It might be a good time to be an income tax lawyer. Following the raids on the houses of actresses Katrina Kaif and Priyanka Chopra — there has been a panic wave among Bollywood actors to clear up before they get into any income tax issues.
“We have got calls from at least three actors asking to immediately take charge of their finances. We have asked for seven days to sort the matters out,” says a leading income tax lawyer.
The expat actors — who shuttle in and out of India as their families don’t stay here — are the first to put uptheir guards.
“We are getting calls to help out with lawyers and people like chartered accountants,who handle the finances of Bollywood movies, and are thus in demand. Some of the actors want to clear up the cash that they had kept in the house,” says a leading producer.
According to sources, the whole purpose of conducting an IT raid at Priyanka and Katrina’s house was to send a panic wave among the defaulters in the industry.
“There is a lot of money that exchanges hands in cash (black money in common terms) which is our target. Unfortunately, crores of cash cannot be disposed off easily. We are expecting a lot of (income tax) penalties in the days to come,” says a source in the IT department.
at 10:52 AM