Black Money: Rs 13,715 Crore Undisclosed Income Detected

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The income tax department detected undisclosed income of Rs 13,715 crore through surveys in 2016 -17, Minister of State for Finance Santosh Gangwar said. Also, as many as 126 billion new taxpayers were added in the last financial year, he said in a written reply in the Rajya Sabha.

Last financial year, the income tax department conducted searches at 5,102 premises of 1,152 groups during which undisclosed income of Rs 15,496 crore was admitted.

"During the same period, 12,526 surveys led to the detection of undisclosed income of Rs 13,715 crore," Gangwar said.

Black Money: Rs 13,715 Crore Undisclosed Income Detected

He said a total of 196 billion income tax returns were filed between November 9, 2016, to March 31, 2017, compared with 163 billion returns filed during the same period of 2015- 16. In a separate reply, Gangwar said that during phase one of 'Operation Clean Money' launched on January 31, about 18,00,000 persons were identified whose cash transactions did not match their tax profiles.

More than 9.27 lakh responses were received giving information on 13,33,000 accounts, involving cash deposits of around Rs 2.89 lakh crore, he said.

To fight the menace of black money, the government had on November 8, 2016, demonetised old 500 and 1,000 rupee notes and asked holders of such notes to deposit the same in bank accounts.

The I-T department had then launched Operation Clean Money to clamp down on unaccounted money funneled into bank accounts, post demonetization. What is Operation Clean Money Portal Of The Income Tax Department?

In phase two, launched in May, the tax department had undertaken a rule-based comprehensive risk assessment framework to classify cases with different levels of risk.

As per the classification, 100,000 people were identified under the 'high risk' category, 7,54,000 under 'medium risk', 5,95,000 under 'low risk' and 3,41,000 under 'very low risk', Gangwar said.

Goodreturns.in 

Read more about: black money, income tax
Story first published: Wednesday, August 9, 2017, 14:50 [IST]
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