Business Other News 17 Dec 2016 I-T finds Rs 2,600 c ...

I-T finds Rs 2,600 crore undisclosed income

DECCAN CHRONICLE.
Published Dec 17, 2016, 1:23 am IST
Updated Dec 17, 2016, 4:09 am IST
Income Tax department has carried out searches in 291 cases across the country and survey in 295 cases since November 8.
Central Board of Direct Taxes (CBDT) chairman said since the announcement of demonetisation, it has come to its notice that people have been unscrupulously trying to convert their black money holdings in cash into white.
 Central Board of Direct Taxes (CBDT) chairman said since the announcement of demonetisation, it has come to its notice that people have been unscrupulously trying to convert their black money holdings in cash into white.

New Delhi: Income tax (I-T) department raids since demonetisation has resulted in people disclosing Rs 2,600 crore in unaccounted money and also led in seizure of Rs 400 crore in cash and gold.

Income Tax department has carried out searches in 291 cases across the country and survey in 295 cases since November 8.

 

In addition to these, open enquiries have been effected in more than 3000 cases.
During these raids income tax seized Rs 316 crore in cash, including Rs 80 crore in new currency. Gold worth around Rs 77 crore worth  too has been seized.

In 12 cases of “unscrupulous conversion” of old notes into new currency, CBI has filed FIRs, while ED has filed 17 cases of money laundering. This is because income tax cant arrest a person.

Central Board of Direct Taxes (CBDT) chairman Sushil Chandra said since the announcement of demonetisation  on November 8, it has come to its notice that people have been unscrupulously trying to convert their black money holdings in cash into white by depositing in bank accounts.

“After the demonetisation, we collected information almost on a real time basis,” he said. Mr Chandra said CBDT is collecting data of all bank accounts, and analysing this data with the existing Income Tax data.

“So the assessees should know that their deposits in bank accounts are being watched. We are examining whether it is explained money or not. Therefore they should come very very clean under this scheme which is the last window available for anyone,” he said.

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