Undisclosed income floats 8 months post demonetisation.

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Guwahati/ 24th July’2017 (Prag News Desk): In a disclosure, the Centre told the Supreme Court that after the massive searches, seizures and surveys by the Income Tax (IT) department over the last three years have led to the detection of around Rs 71,941 crore of “undisclosed income”.

During the period of demonetisation from November 9 last year to January 10 this year, the total undisclosed income admitted was more than Rs 5,400 crore and the total quantity of gold seized stood at 303.367 kg, the Finance Ministry has said in an affidavit to the apex court.

It gave the details of the unaccounted income for three years from April 1, 2014 to February 28 this year. The affidavit said that during the period, searches were undertaken by the IT department in over 2,027 groups “which led to the admission of undisclosed income of more than Rs 36,051 crore. Incidentally, The Finance Ministry, which refused more grace period for depositing scrapped notes, said the Ministry of Home Affairs in its July 11 communication has reported that as per intelligence agencies, there were reports of largescale misuse of the window for exchange of the demonetised notes.

Here, in about two months from November 9 last year, 1,100 searches and surveys and more than 5,100 verifications have been conducted. The total seizure through these actions was of about Rs 610 crore, including cash of Rs 513 crore. The cash seizure included seizures in new currency of more than Rs 110 crore. The total undisclosed income admitted was more than Rs 5,400 crore till date.

 

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