Tuesday , November 21 2017

Income Tax finds Rs 2,600 Crore Undisclosed Income

Income Tax department has carried out searches in 291 cases across the country and survey in 295 cases since November 8.

income-tax

New Delhi: Income Tax (IT) Department attacks from demonetisation has caused in people disclosing Rs.2, 600 Crores in unaccounted money and also led in seizure of Rs.400 Crores in cash and gold.

Income Tax Department has carried out hunts in 291 cases across the country and survey in 295 cases from November 8, 2016.

In addition to these, open enquiries have been effected in more than 3000 cases.

During these attacks income tax grabbed Rs.316 Crores in cash including Rs.80 Crores in new currency and Gold worth around Rs.77 Crores worth too has been seized.

In 12 cases of “unscrupulous conversion” of old notes into new money, CBI has filed FIRs, while ED has filed 17 cases of money laundering. This is because income tax cannot arrest a person.

Central Board of Direct Taxes (CBDT) Chairman, Mr. Sushil Chandra told that the announcement of demonetisation on November 8, 2016 it has come to its notice that people have been dishonestly trying to convert their black money holdings in cash into white by depositing in bank accounts.

“After the demonetisation, we have collected the information of almost on a real time basis,” he said. Mr. Chandra said CBDT is gathering the data of all bank account holders, and analysing this data with the existing Income Tax data.

“So the assesses should know that their deposits in bank accounts are being watched. We are inspecting whether it is explained money or not. Therefore they should come very very clean under this scheme which is the last window available for anyone,” he said.

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