I-T searches yielded Rs 49,247 crore: Minister | Current Affairs, Current Affairs 2017

I-T searches yielded Rs 49,247 crore: Minister

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Income Tax Department searches resulted in unearthing undisclosed income and assets worth Rs 49,247 crore in the last four years, Parliament was informed on Friday.

The department searched 2,534 groups of persons from 2013-14 to 2015-16 and until January 2017, which led to admission of undisclosed income of about Rs 45,622 crore apart from seizure of undisclosed assets (cash, jewellery) worth about Rs 3,625 crore, Minister of State for Finance Santosh Kumar Gangwar said in the Lok Sabha.

Besides levy of taxes on the total income of those persons whose assessments were completed in the last three years and up to January 2017, the Department filed prosecution complaints in 2,432 cases, he said.

“During the same period, 4,264 compounding applications were also received from persons who had committed offences under the Income Tax Act. Out of the cases disposed of by the criminal courts during this period, 116 persons were convicted,” he added.

The government had taken various measures to tackle breach of law and tax evasion including enforcement action and putting in place legislative and administrative frameworks and processes, Gangwar said.

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