Over Rs 1 lakh crore black money detected last year
NEW DELHI: Government has detected over Rs one 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.
According to official data, the I-T department
detected undisclosed income worth Rs 10,791.63 crore in search operations
during the just concluded 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
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.