Black money: I-T Department Detect Over Rs 1 lakh cr illegal Income
In the last financial year the Government has detected over Rs one lakh crore of undisclosed income tax, as compared to the search and break down action undertaken by the income tax department during 2012-13, this is more than double to check black money.Official data says during the just concluded 2013-14 fiscal The I-T department detected income worth Rs 10,791.63 crore in search operations.
The I-T department conduct this action against individuals, business firms firms, corporates and other financial institutions to check tax evasion. Both these operations, searches and surveys stands at Rs 1,01,181 crore. In searches the department raid both business and residential premises of an entity. And in surveys the department officials raid only business premises.
During the last fiscal (2013-14), the department also take action against assets like jewellery,fixed deposit and cash worth Rs 807.84 crore, during this period 4,503 warrants and launched searches on 569 entities executed.
The survey operation conducted by income tax department under section 133 of the income tax Act. during the last fiscal there were 5,327 surveys conducted as compared to 4,630 such operations during 2012-13.
A senior Income tax officer said that the increased number of search and survey operation in this fiscal as compared to the last time period indicates the income tax department is vigilant to most of the instance of tax evasion in the country. The data made after both operations has been shared with the Special Investigation Team (SIT) on black money as part of the presentation made by the Central Board of Direct Taxes (CBDT) to the high-profile panel setup to unearth and address cases of illegal wealth in the country and abroad.