Tax evasion: Government has detected over one lakh crore of undisclosed income

IT department of India has detected over one lakh crore of undisclosed income in the last financial year. This is more than double from its previous financial year. The action was conducted by the I-T department against individuals, business firms, corporates and other financial institutions to check tax evasion.

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 I-T department 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. The number of search warrants executed by the investigations wing of the I-T department also saw an upward trend in the last fiscal.

Source: http://www.thehindu.com/news/blackmoney-over-rs-1-lakh-cr-illegal-income-detected/article6217419.ece?ref=sliderNews

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