I-T dept doubled its haul in 2016-17; seized cash, jewellery worth Rs 1,469 crore
The Income Tax department, which has intensified its drive against black money hoarders, carried out 1,152 searches.india Updated: Jul 29, 2017 23:52 IST
The Income Tax department seized cash and jewellery worth Rs 1,469.42 crore in 2016-17, which is almost double the value of assets it confiscated the previous year, official data revealed.
In 2015-16, it had seized cash and jewellery worth Rs 712.68 crore.
The department, which has intensified its drive against black money hoarders, carried out 1,152 searches the previous year. More than 900 of these raids were conducted during November-March, the period that coincided with the Narendra Modi government’s demonetisation exercise.
About Rs 1,000 crore were seized during the same five month period. From April to June this year, illegal cash worth Rs 103.02 crore has been seized by the I-T department.
In 2016-17, taxmen filed as many as 1,252 prosecution complaints as compared to 552 in 2015-16.
“The tax department intensified its searches after the closure of the four-month window of the Income Disclosure Scheme, which allowed people to come clean with their illegal money in September,” a senior finance ministry official told Hindustan Times on the condition of anonymity.
Central Board of Direct Taxes chairman Sushil Chandra has maintained that his department has zero tolerance towards tax cheats and would work towards expanding the tax base.
The I-T department is also mining data gathered by the Financial Intelligence Unit (FIU) to identify big-spenders who are still outside the tax net.
The government has also made the linking of all permanent account numbers with the 12-digit unique Aadhaar a pre-requisite for filing income tax returns from this year.