I-T sleuths dug up Rs 21,454 cr undisclosed income in 2 years
The I-T department conducted searches on 992 individuals and entities in the last two fiscal years and unearthed undisclosed income of Rs 21,454 crore.business Updated: Mar 21, 2017 17:00 IST
The I-T department conducted searches on 992 individuals and entities in the last two fiscal years and unearthed undisclosed income of Rs 21,454 crore, Parliament was informed today.
“During the last two financial years (2014-15 and 2015-16), the ITD conducted searches in about 992 groups of persons which led to admission of undisclosed income of Rs 21,454 crore apart from seizure of undisclosed income (cash, jewellery etc) worth Rs 1,474 crore,” Minister of State for Finance, Santosh Kumar Gangwar said in a written reply in the Rajya Sabha.
Gangwar said, “Besides levy of taxes on total income of those persons whose assessments were completed during the last two years, the I-T department filed prosecution complaints in 1,221 cases,” adding, “During the same period of two years, 2,220 compounding applications were also received from persons who had committed offences under the I-T Act.”
As part of enforcement measures and based on credible evidence of tax evasion and other serious violations of provision of the Income-tax Act, the Income Tax Department (ITD) conducts searches on various persons including companies and individuals.