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Over Rs. 1 Lakh Crore Illegal Income Detected
Jul 21, 2014

Government has detected over Rs. 1 lakh crore of undisclosed income in the last financial year, a figure more than double as compared to the search and seizure action undertaken by the Income Tax department during 2012-13 to check black money.

The I-T department detected undisclosed income worth Rs. 10,791.63 crore in search operations during 2013-14 fiscal while it also found unreported income of Rs. 90,390.71 crore in survey operations conducted during the same period across the country.

The action was conducted by the I-T department against individuals, business firms, corporates and other financial institutions to check tax evasion. The total figures recorded at the end of both these operations, searches (where I-T sleuths raid both business and residential premises of an entity) and surveys (where department officials raid only business premises) stands at Rs. 1,01,181 crore. 

The corresponding cumulative figures for the 2012-13 fiscal (under both the heads) was Rs. 29,628 crore, a figure less than half of the current recorded amount. During the last fiscal (2013-14), the I-T also seized assets like jewellery, fixed deposits and cash worth Rs. 807.84 crore as it executed 4,503 warrants and launched searches on 569 entities during this period.

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