Taxman unearths undisclosed income worth Rs 45,622 crore

Tribune News Service

New Delhi, March 24

In the past three years, the Income Tax Department conducted searches on around 2,534 groups of persons which led to admission of undisclosed income of about Rs 45,622 crore apart from seizure of undisclosed assets, including cash and jewellery worth about Rs 3,625 crore.

As part of enforcement measures and based upon credible evidence of tax evasion and other serious violations of provisions of the Income-tax Act, 1961, the Income Tax Department (ITD) conducts searches in cases of various persons, including companies and individuals.

This was stated by Santosh Kumar Gangwar, Minister of State in the Ministry of Finance in a written reply to a question in the Lok Sabha today.

During the past three financial years, 2013-14, 2014-15 and 2015-16 and the current financial year 2016-17 (up to January, 2017), the ITD conducted searches on about 2,534 groups of persons which led to admission of undisclosed income of about Rs 45,622 crore apart from seizure of undisclosed assets (cash, jewellery etc) worth about Rs 3,625 crore.

Gangwar said, “Besides levy of taxes on the total income of those persons whose assessments were completed during the last three years and current financial year (up to January 2017), the ITD filed prosecution complaints in 2,432 cases.”

He added: “During the same period, 4,264 compounding applications were also received from persons who had committed offence under the Act.”