Rs 22,475 cr of undisclosed income detected by IT in 2 yrs

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SME Times News Bureau | 23 Jul, 2016
Undisclosed income of Rs 22,475 crore has been detected by the income tax department in the last two years, parliament was told on Friday.

"During 2014-15 and 2015-16, 9,457 surveys conducted resulted in detection of undisclosed income of Rs.22,475 crore," Finance Minister Arun Jaitley told the Lok Sabha in reply to a question.

"As part of enforcement measures, the income tax department conducted searches in 990 groups of assessees during last 2 years (2014-15 and 2015-16), seizing undisclosed assets worth Rs 1,474 crore. These assessees admitted undisclosed income of Rs 21,354 crore. During the same period, 9,457 surveys conducted resulted in detection of undisclosed income of Rs 22,475 crore,” he said.

There has been significant rise in criminal prosecutions filed by the income tax department in last two years, he said.

“Number of cases where prosecution complaints were filed and offences were compounded during 2014-15 and 2015-16 is 3,140 as against 1,690 during 2012-13 and 2013-14,” he added.

Sustained and prompt action taken by the income tax department in various cases involving black money has resulted into assessment of substantial amounts of undisclosed income, levy of concealment penalty and filing of criminal prosecution complaints for various offences in appropriate cases, Jaitley said.