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Post Demonetisation Tax Department Unearths Undisclosed Income Of Rs. 5400 Cr
After conducting several search and seizure operations, income tax department has unearthed unaccounted for money totalling to as much as Rs. 5400 crore.
On Friday as reported to the Parliament, Income Tax department unearthed an undisclosed income to the tune of Rs. 5400 crore after conducting several search operations across the country.
In a written reply, the Minister of State for Finance said, "During the period from November 9, 2016 to January 10, 2017, more than 1,100 searches and surveys were conducted by the I-T Department apart from issuing more than 5,100 verification notices in the cases of suspicious high value cash deposits or related activities". Furthermore, he said "These actions led to seizure of valuables of more than Rs 610 crore, which includes cash of Rs 513 crore. Seizure of cash in new currency notes was about Rs 110 crore. The undisclosed income detected in these actions was more than Rs 5,400 crore".
"The data available from the National Crime Records Bureau indicates that 1,57,818 numbers of fake Indian currency notes having a face-value of Rs 11,24,04,980 have been reported by states/UTs police for the period 9.11.2016 to 14.7.2017," he added.
During the week goneby, the Income Tax dept. under its Operation Clean Money drive unveiled as many as 5.56 lakh account holder who shall have to explain huge cash deposits made in the account that are not in line with their tax profile. The list of such taxpayers or individuals has been arrived at by making use of analytics on the data gathered during the note ban period from November 9, 2016 to December 30, 2016.
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