Rs 30,000 crore black money recovered by CBDT

Taxmen have seized black money to the tune of a whopping Rs 30,000 crore in the country in the past two years, said the Central Board of Direct Taxes (CBDT) which is set to get investigative powers to boost its drive against wrong-doers.

Taxmen have seized black money to the tune of a whopping Rs 30,000 crore in the country in the past two years, said the Central Board of Direct Taxes (CBDT) which is set to get investigative powers to boost its drive against wrong-doers.

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The CBDT is in the process of creating a Directorate of Criminal Investigation after getting approval from finance minister Pranab Mukherjee last week.

CBDT chairman Sudhir Chandra said they have gone after big shots and every search or survey has yielded more than Rs 100 crore in black money.

Addressing 'National Seminar on Black Money', Chandra said, "Through IT searches and surveys, we have realised around Rs 30,000 crore of black money" in the past two years.

"In the last two years, through IT searches, we have uncovered Rs 18,500 crore of black money. That shows we have not gone after small people and we have gone after big people.

"What is the use of mopping the floor if the tap is open. We are trying to close the taps?" he said.

Noting that they used to get a lot of complaints, mainly due to personal vendetta, he said the CBDT was profiling High Networth Individuals. "Everyone is on our radar," he said.

He said since February, the Income Tax Department has issued 1.15 crore refunds across the country which runs into Rs 1.04 lakh crore.

"The income tax refund is your money. In terms of money, it is Rs 74,000 crore upto March and another Rs 30,000 crore in April and upto May 15," Chandra said.

He also said the income tax collection has gone up by three times in the first 45 days of this fiscal compared to the same period last fiscal.

"Last year till May 15, the gross collection of income tax was Rs 9,000 crore, this year it is Rs 28,000 crore. In 45 days, it has grown up three times," he said.

He said Income Tax investigation department is being strengthened.

"We are also setting up a new dedicated and computerised exchange of information cell. Whatever information we want from countries, they can send it our cell, will coordinate with identical cells of foreign countries.

"CBDT is also also in the process of creating a Directorate of Criminal Investigation. The Finance Minister has given his approval last week. We need infrastructure to support it," he said.

On the Liechtenstein accounts, he said the information what India got from them cannot even be shared with the Enforcement Directorate.

"Now we are devising some methods to allow non-tax enforcement agencies to access this. India is also considering signing multilateral convention and mutual assistance in tax matters," he said.