Income tax department uncovers Rs 45,622 cr undisclosed income

New Delhi: The I-T department conducted searches on nearly 2,534 groups of persons in the last three financial years and the current one (up to January 2017) and unearthed undisclosed income of Rs 45,622 crore. [caption id=“attachment_3181332” align=“alignleft” width=“380”]  Representational image. AFP[/caption] “During the last three financial years (2013-14, 2014-15 and 2015-16) and the current financial year (up to January 2017), the I-T department conducted searches on about 2,534 groups of persons, which led to admission of undisclosed income of about Rs 45,622 crore apart from seizure of undisclosed asset (cash, jewellery etc) worth about Rs 3,625 crore,” Minister of State for Finance Santosh Kumar Gangwar said in a written reply to the Lok Sabha. Gangwar further said, “Besides levy of taxes on the total income of those persons whose assessments were completed during the last three years and current financial year (up to to January 2017), the ITD filed prosecution complaints in 2,432 cases.” He added: “During the same period, 4,264 compounding applications were also received from persons who had committed offence under the Act.” Of the cases disposed of by criminal courts during the period, the minister said, “116 persons were convicted of offences committed under the Act.” In 3,218 cases, offences were compounded by the competent I-T authorities. According to the minister, as part of enforcement measures and based on credible evidence of tax evasion and other serious violations of provisions, the income tax department (ITD) conducts searches in cases of various persons, including companies and individuals. Elaborating, he noted that based on material recovered during searches, investigation is conducted by investigating officers and findings of such investigations are shared with the assessing officers concerned. Such assessing officers initiate and complete assessment proceedings as per the provision of the Act with a view to assessing the income and taking other actions such as raising of tax demand, levy of applicable penalties, recovery of such demands and filing of prosecution complaints.