Blackmoney: Over Rs 1 lakh cr illegal income detected

Government has detected over Rs one lakh crore of undisclosed income in the last financial year, a figure more than double as compared to the search and seizure action undertaken by the Income Tax department during 2012-13 to check black money.
According to official data, the I-T department detected undisclosed income worth Rs 10,791.63 crore in search operations during the just concluded 2013-14 fiscal while it also found unreported income of Rs 90,390.71 crore in survey operations conducted during the same period across the country.
The action was conducted by the I-T department against individuals, business firms, corporates and other financial institutions to check tax evasion.

The total figures recorded at the end of both these operations, searches (where I-T sleuths raid both business and residential premises of an entity) and surveys (where department officials raid only business premises) stands at Rs 1,01,181 crore.
The corresponding cumulative figures for the 2012-13 fiscal (under both the heads) was Rs 29,628 crore, a figure less than half of the current recorded amount.
During the last fiscal (2013-14), the I-T also seized assets like jewellery, fixed deposits and cash worth Rs 807.84 crore as it executed 4,503 warrants and launched searches on 569 entities during this period.
The number of search warrants executed by the investigations wing of the I-T department also saw an upward trend in the last fiscal as during 2012-13 these warrants stood at 3,889.