BackBlack money: Over Rs1 trillion illegal income detected in FY14
I-T department detected undisclosed income worth `10,791.63 crore in search operations and unreported income of `90,390.71 crore in survey operations
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New Delhi: Government has detected over ₹ 1 trillion of undisclosed income in the last fiscal, 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.
According to official data, the I-T department detected undisclosed income worth ₹ 10,791.63 crore in search operations during the just concluded 2013-14 fiscal while it also found unreported income of ₹ 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 ₹ 1,01,181 crore.
The corresponding cumulative figures for the 2012-13 fiscal (under both the heads) was ₹ 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 ₹ 807.84 crore as it executed 4,503 warrants and launched searches on 569 entities during this period.
The number of search warrants executed by the investigations wing of the I-T department also saw an upward trend in the last fiscal as during 2012-13 these warrants stood at 3,889.
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