Note ban: I-T department detects Rs 3,651 cr undisclosed income
Income Tax department said on Friday it has detected over Rs 3,651 crore of undisclosed income while more than Rs 98 crore in new notes has been seized as part of its country-wide operations against black money hoarders post demonetisation.
Official sources said the taxman has carried out a total of 785 search, survey and enquiry operations under the provisions of the Income Tax Act, across the country, since the note ban was declared on November 8, even as the department has issued 3,647 notices to various entities on charges of tax evasion and hawala-like dealings, till Thursday.
The department has seized cash and jewellery worth over Rs 522 crore, with cash being Rs 433 crore, during the same period and the new currency seized is valued at more than Rs 98 crore.
“The total undisclosed income admitted or detected as part of this action, till December 22, is more than Rs 3,651 crore,” they said.
The agency has also referred over 230 cases to the Enforcement Directorate (ED) and 190 cases to the CBI in order to enable them probe other financial crimes like money laundering, disproportionate assets and corruption as part of their legal mandate.