Undisclosed income of Rs 71,941 crore detected in 3 years: Government to Supreme Court
Similarly between April 1, 2014 to February 28 this year, the IT department conducted more than 15,000 surveys which led to "the detection of undisclosed income of more than Rs 33,000 crore".
PTI| Last Updated: Sunday, July 23, 2017 - 10:03
3
Comments
Representational picture
New Delhi: Massive searches, seizures and surveys by the Income Tax (IT) department over the last three years have led to the detection of around Rs 71,941 crore of "undisclosed income", the Centre has told the Supreme Court.
During the period of demonetisation from November 9 last year to January 10 this year, "The total undisclosed income admitted was more than Rs 5,400 crore" and the total quantity of gold seized stood at 303.367 kgs, the Finance Ministry has said in an affidavit to the apex court.
It gave the details of the unaccounted income for three years from April 1, 2014 to February 28 this year, including the demonetisation period.
The affidavit said that during the three year period, searches were undertaken by the IT department in over 2,027 groups "which led to the admission of undisclosed income of more than Rs 36,051 crore".
"This is in addition to the seizure of undisclosed assets worth Rs 2,890 crore," it said.
Similarly between April 1, 2014 to February 28 this year, the IT department conducted more than 15,000 surveys which led to "the detection of undisclosed income of more than Rs 33,000 crore".
Highlighting the achievements of the demonetisation period, the affidavit said in about two months from November 9 last year, "significantly large number of enforcement actions were undertaken by the IT Department".
"They included 1,100 searches and surveys and more than 5,100 verifications. The total seizure through these actions was of about Rs 610 crore, including cash of Rs 513 crore. The cash seizure included seizures in new currency of more than Rs 110 crore. The total undisclosed income admitted was more than Rs 5,400 crore," it said.
The Finance Ministry, which recently refused the demand to give more grace period for depositing the scrapped Rs 500 and Rs 1,000 notes, said the Ministry of Home Affairs in its July 11 communication has reported that as per intelligence agencies, there were reports of largescale misuse of the window for exchange of the demonetised currency notes.
"Seizure of cash during the month of November and December 2016 was to the tune of Rs 147.9 crore and Rs 306.897 crore and seizure of gold for the month of November and December 2016 was 69.1 kg and 234.267 kg respectively," it said.
It said that over 400 cases were referred to the CBI and the Enforcement Directorate (ED) after several instances of manipulation for conversion of unaccounted cash held in specified bank notes into legal tender by various entities was detected during the investigation.
http://zeenews.india.com/india/undi...941-cr-found-in-3-yrs-govt-to-sc-2026078.html
I-T department probes 30,000 cases of alleged tax evasion after note ban
PTI | Updated: Jul 24, 2017, 09:33 PM IST
HIGHLIGHTS
- Income Tax department is probing over 30,000 cases of alleged tax evasion
- Under Operation Clean Money, I-T dept is contacting those whose bank account deposits post note ban were seen to be suspicious
Representative image
NEW DELHI: The
Income Tax department is probing over 30,000 cases of alleged
tax evasion wherein the returns (ITRs) were revised by assessees post
demonetisation,
CBDT chief Sushil Chandra said on Monday.
The Income Tax returns filed after November 8 last year were scrutinized against their earlier tax compliance following which these cases were detected, he said.
"We are taking action in these instances," Chandra told reporters on the sidelines of an event to mark the 157th Income Tax day here.
He said that after the first phase of 'Operation Clean Money', it was found that some assessees did not report about all their bank accounts to the taxman.
Under the Operation Clean Money, the I-T department is contacting those whose bank account deposits were seen to be suspicious post the
note ban.
"We have found that they (assessees) have got more accounts...they have given less accounts in their replies (to the department). We have now informed them through email and want their response over our website," he said.
The Income Tax boss also said that India has an entry rate tax at 5 per cent of the income which is one of the "lowest" across the globe.
"It is a very reasonable rate of taxation....I do not think we can lower it at present," he said.
Talking about the department's action under the newly enacted Benami Transactions Act, Chandra said the taxman has made attachments worth Rs 840 crore in 233 cases till now.
"We have found that many shell companies are owning such (benami) properties. Action will be taken," he added.
The demonetisation of Rs 1,000 and Rs 500 currency notes was announced by Prime Minister Narendra Modi on November 8 last year.
http://timesofindia.indiatimes.com/...asion-after-note-ban/articleshow/59742683.cms