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IT Department Detects Undisclosed Income Of Over Rs 5300 Crore


The Income Tax department has detected undisclosed income of over Rs 5,343 crore and seized Rs 114 crore of new notes which were allegedly procured illegally in its nationwide operation against black money hoarders post demonetization.


Official sources said the taxman, exactly after two months after demonetization was announced, has carried out a total of 1,156 search, survey and enquiry operations under the provisions of the I-T Act since the note ban was declared on November 8 last year, even as the department has issued 5,184 notices to various entities on charges of tax evasion and hawala-like dealings. Different Ways To Convert Black Money Into White

IT Department Detects Undisclosed Income Of Over Rs 5300 Crore

The department has also seized cash and jewellery worth over Rs 611.48 crore during the same period even as the seizure of new currency (majorly Rs 2000 notes) in these operations stands at Rs 114.1 crore. "The total undisclosed income admitted or detected as part of these nation-wide operations, till January 8, is Rs 5,343.29 crore. The operations are still continuing," they said, reports PTI.

The agency has also referred a total of 535 cases to CBI and the Enforcement Directorate (ED) for action at their end and to probe other financial crimes like money laundering, disproportionate assets, and corruption as part of their legal mandate. Read Also: How Black Money Deposited In Bank Account Will Be Taxed?

Story first published: Tuesday, January 10, 2017, 14:09 [IST]
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