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  Business   In Other News  16 Jun 2018  IT Dept detects Rs 10,767 cr undisclosed income during fiscal 2017-18

IT Dept detects Rs 10,767 cr undisclosed income during fiscal 2017-18

ANI
Published : Jun 16, 2018, 6:32 pm IST
Updated : Jun 16, 2018, 6:32 pm IST

Official said action is being taken in more than 6000 cases by the assessing officer.

The Income Tax Department has detected undisclosed income of over Rs 10,000 crore in fiscal 2017-18, thus recording a 20 per cent surge over the previous fiscal.
 The Income Tax Department has detected undisclosed income of over Rs 10,000 crore in fiscal 2017-18, thus recording a 20 per cent surge over the previous fiscal.

New Delhi: The Income Tax Department has detected undisclosed income of over Rs 10,000 crore in fiscal 2017-18, thus recording a 20 per cent surge over the previous fiscal.

A senior department official told ANI on the condition of anonymity that the Directorate General of Income Tax (Intelligence and Criminal Investigation) unearthed Rs 10,767 crore undisclosed income, up from that of Rs 9,051 crore detected in FY 2016-17.

 

The income was detected during the verification of cases of Non Pan Data, Foreign Account Tax Compliance Act (FATCA), Automotive Exchange of Info (AEOI), and Common reporting standard (CRS) data.

As per an IT Department source, FATCA cases shot up three times. In the previous fiscal, more than 3500 cases were verified, compared to 827 cases in FY 2016-17, thus seeing a three-fold growth. Furthermore, undisclosed income under FATCA also shot up to double during the year, the department said.

In terms of actionable reports, the department said 1000 reports were sent to the field, recording a 1.5 time increase compared to the FY 2016-17 figures of 66.

 

Post the November, 2016 demonetisation drive, the source said AEOI/CRS cases had also shot up three times, from 650 cases in FY 2016-17 to 2300 cases in FY 2017-18.

Meanwhile, undisclosed income under AEOI/CRS shot up to Rs 25.92 crore in FY 2017-18 from Rs 2 lakh in FY 2016-17. Based on the report submitted, the official said action is being taken in more than 6000 cases by the assessing officer.

Tags: income tax department, undisclosed income, aeoi, demonetisation
Location: India, Delhi, New Delhi