Income Tax Department detects black money worth Rs 1 lakh crore

Mangalore Today News Network

New Delhi, July 16, 2014:  The Income Tax Department  has  detected undisclosed income worth Rs.1 lakh crore in the financial year 2013-14, which is more than double the figure seized by the tax sleuths during raids to unearth black money in the financial year 2012-13.

According to official data, the I-T department detected undisclosed income worth Rs.10,791.63 crore in search operations during the just concluded 2013-14 fiscal while it also found unreported income of Rs.90,390.71 crore in survey operations conducted during the same period across the country.

The action was conducted by the I-T department against individuals, business firms, corporates and other financial institutions to check tax evasion.

The total figures recorded at the end of both these operations, searches (where I-T sleuths raid both business and residential premises of an entity) and surveys (where department officials raid only business premises) stands at Rs.1,01,181 crore.

The corresponding cumulative figures for the 2012-13 fiscal (under both the heads) was Rs.29,628 crore, a figure less than half of the current recorded amount.

During the last fiscal (2013-14), the I-T also seized assets like jewellery, fixed deposits and cash worth Rs.807.84 crore as it executed 4,503 warrants and launched searches on 569 entities during this period.

The number of search warrants executed by the investigations wing of the I-T department also saw an upward trend in the last fiscal as during 2012-13 these warrants stood at 3,889.