Rs 13,715 cr undisclosed income detected, 126 bn taxpayers added in FY17

After demonetisation, the taxman launched Operation Clean Money to clamp down on unaccounted money

 income tax

The income tax department detected undisclosed income of Rs 13,715 crore through surveys in 2016 -17, Minister of State for Finance Santosh Gangwar said on Tuesday.

Also, as many as 126 billion new taxpayers were added in the last financial year, he said in a written reply in the Rajya Sabha.

Last financial year, the income tax department conducted searches at 5,102 premises of 1,152 groups during which undisclosed income of Rs 15,496 crore was admitted.

“During the same period, 12,526 surveys led to the detection of undisclosed income of Rs 13,715 crore,” Gangwar said.

He said a total of 196 billion income tax returns were filed between November 9, 2016, to March 31, 2017, compared with 163 billion returns filed during the same period of 2015- 16.

In a separate reply, Gangwar said that during phase one of ‘Operation Clean Money’ launched on January 31, about 18,00,000 persons were identified whose cash transactions did not match their tax profiles.

More than 9.27 lakh responses were received giving information on 13,33,000 accounts, involving cash deposits of around Rs 2.89 lakh crore, he said.

To fight the menace of black money, the government had on November 8, 2016, demonetised old 500 and 1,000 rupee notes and asked holders of such notes to deposit the same in bank accounts…..Read Full Article

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