Black money pile rises above Rs1,00,000 crore-mark: I-T dept

16 July 2014

The Income Tax department has detected undisclosed income to the tune of Rs10,791.63 crore and unreported income of Rs90,390.71 crore during search and survey operations in the last financial year.

Black moneyThis is more than double the amount detected during search and seizure action undertaken by the Income Tax department during 2012-13, official data showed.

Government has detected over Rs1,00,000 crore of undisclosed income in the last financial year, a figure more than double as compared to the search and seizure action undertaken by the income tax department during 2012-13 to check black money.

The I-T department is reported to have taken action against individuals, business firms, corporates and other financial institutions to check tax evasion. The total figures recorded at the end of both these operations, searches (where I-T sleuths raid both business and residential premises of an entity) and surveys (where department officials raid only business premises) stands at Rs1,01,181 crore. The corresponding cumulative figures for the 2012-13 fiscal (under both the heads) was Rs29,628 crore.

During the last fiscal (2013-14), the I-T department also seized assets like jewellery, fixed deposits and cash worth Rs807.84 crore and executed 4,503 warrants and launched searches on 569 entities during this period.

The number of search warrants executed by the investigations wing of the I-T department also saw an upward trend in the last fiscal as during 2012-13 these warrants stood at 3,889.

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