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Rs 45,622 crore undisclosed income unearthed by Income Tax department

In a written reply to the Lok Sabha, Minister of State for Finance Santosh Kumar Gangwar said that undisclosed income worth a staggering Rs 45,622 crore has been unearthed by the Income Tax department during searches conducted in the last three financial years (2013-14, 2014-15, 2015-16 and the current financial year up to January 2017). It has been stated in the reply that the searches were conducted on around 2,534 groups of persons. These people admitted to having undisclosed income, which is collectively worth Rs 45,622 crore. The reply also mentions that Rs 3,625 crore worth of undisclosed assets (cash, jewelry, etc.) were also unearthed during the searches.

The minister informed the parliament that these searches were conducted by the I-T department based on credible evidence related to tax evasion and other serious violations of provisions. The entities that were searched included both individuals and companies. The minister further said that the I-T department has filed prosecution complaints in 2,432 cases. During the same period, the I-T department has also received 4,264 compounding applications from persons who had committed offence under the Act, said the minister.

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