A government crackdown on black money has led to detection of undisclosed income of over Rs 16,000 crore since March 2014, while assets worth Rs 1,200 crore have been seized, revenue secretary Hasmukh
A government crackdown on black money has led to detection of undisclosed income of over Rs 16,000 crore since March 2014, while assets worth Rs 1,200 crore have been seized, revenue secretary Hasmukh Adhia said on Wednesday.
“In 2014-15 and 2015-16 (up to November), the income-tax department by its enforcement actions has detected undisclosed income worth more than Rs 16,000 crore and seized assets worth Rs 1,200 crore,” he said, adding that prosecution has been filed in 774 cases (up to September 2015).
The measures included a one-time 90-day window to come clean on undisclosed wealth, which led to declarations worth over Rs 4,160 crore, and the government is expecting Rs 2,500 crore as tax and penalties by month-end, he said.
In all, 635 declarations worth Rs 4,160 crore of illegal wealth were made in the three-month compliance window. “The last date for paying income tax for those people who made disclosures under the Black Money Act is December 31, 2015,” he said.
