Union Revenue Secretary Hasmukh Adhia has said that the Income Tax Department has unearthed undisclosed income of Rs 43,000 crore in the last two fiscals.
As per reports, the Income Tax Department has found a total of Rs 43,000 crore worth undisclosed income from investigations during the past two fiscal years.
Commenting on the issue, Union Revenue Secretary Hasmukh Adhia told the media, "While Rs 21,000 crore have been found from department's searches, the balance of Rs 22,000 crore have been disclosed from various surveys."
Discussing about the penalty to be imposed on the Rs 13,000 crore of black money discovered in foreign accounts of Indians so far, he said this money will be taxed at the rate of 120 per cent.
About the Income Declaration Scheme of 2016 which started on June 1 and will close on September 30, he said tax officials have already held 294 awareness meetings across 118 cities.