Income Tax (IT) authorities have once again launched raids in Hyderabad, targeting the owners of gold shops amid allegations of tax evasion . The raids began early on Wednesday morning, with officials conducting searches at the homes of gold shop owners across the city.
Reports suggest that 15 teams of IT officials are carrying out simultaneous raids at 15 different locations. One of the significant raids took place at the residence of gold trader Jagadeesh in Secunderabad , where authorities reportedly found discrepancies in tax payments and substantial undeclared assets.
In addition to the Hyderabad raids, it is also reported that IT officials are conducting searches in Warangal . Details regarding the extent of the raids and any seizures are yet to be fully revealed. The raids highlight ongoing efforts by the IT department to clamp down on illegal financial activities in the gold trading business.
