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4248 crore Undisclosed Income Unearthed by the IT Department

3/23/2017
4248 crore Undisclosed Income Unearthed by the IT Department

The Income Tax Department has recently discovered Rs 4248 crores as undisclosed income from the Karnataka and Goa region. This latest finding has been reported yesterday only with Income Tax officials concerned with the said region informing the media stating that 73 business groups suspicious of “undeclared income defaulters” were investigated last year by the IT Department for findings related to undeclared income.

Besides, this has been the highest amount of undisclosed income ever found in the history of investigations related to tax evasion. As a matter of fact, the undeclared income of Rs 4248 crores found out by the IT Department is more than double than the previous year’s figure of Rs. 2135 crores.

According to the IT officials, the total value of liquid assets found among the said sum (Rs. 4248 crores) is worth Rs. 132 crores which is more than double of the last year’s unearthing in the same category which was Rs. 64 crores. They also stated a surprise revealing which said that the co-operative banks in Karnataka were used as a means to perform black money laundering post demonetisation. However, the income tax officials didn’t provide the break of the undeclared income found pre and post demonetisation.

The DG of IT investigations also made a shocking revelation saying that bank managers in the co-operative banks post demonetisation have been found assisting people in converting black money to white by making their money split up and then putting the small sums into multiple accounts.

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It has been seen in the past too that individuals and big corporates, especially the SMEs have been hiding their income earned in the respective fiscal year and thus evading a large amount of money as taxes. To unearth these undisclosed incomes, govt. along with CBDT and Income Tax department had been running various campaigns in the last five years and it has surely resulted in a lot of raids and investigations going around these suspicious tax evaders.

 These campaigns are surely paying off with IT officials recovering black money every now and then from various parts of the country. Further, demonetisation alone has helped in uncovering more than Rs. 4650 crores as undisclosed income till date.