Rs 32,000 cr unaccounted income unearthed in last three fiscals: Government

Over Rs 32,000 crore unaccounted income has been unearthed during the last three financial years and black money was found rampant in various sectors including real estate and education, Parliament was informed on Friday.

Analysis of seizure of valuables and admission of undisclosed income during searches conducted by income-tax department during last three financial years indicates that the main sectors in which black money is rampant include real estate, finance, trading, manufacturing, educational institutes, and services, Minister of State for Finance Santosh Kumar Gangwar said in a written reply in the Lok Sabha here.

During 2015-16, 445 raids were conducted which unearthed undisclosed income of Rs 11,066 crore and the total assets seized were Rs 712.68 crore, Gangwar said.

In 2014-15, 545 raids were carried out which revealed undisclosed income of Rs 10,288 crore and the assets seized amounted to Rs 761.70 crore, he said.

In 2013-14, 569 raids were conducted which unearthed undisclosed income of Rs 10,791.63 crore and the assets seized amounted to Rs 807.84 crore, he further added.

The total over these three fiscals amounts to Rs 32,146 crore.

Such action against tax evasion/black money is an on-going process, Gangwar said.

"The government has taken several measures to effectively tackle the issue of black money, including amendment in the Income Tax Rules, making mandatory quoting of PAN for transactions of sale or purchase of goods or services of any nature above Rs 2 lakh and constitution of the Special Investigation Team (SIT) on Black Money," he added.

--IANS

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