Surveys find undisclosed income of Rs 1.16 lakh cr in 3yrs

I-T surveys have detected undisclosed income of over Rs 1.16 lakh crore in the last three financial years, the government said today.
As per survey reports, Rs 90,390.71 crore (of 5,327 surveys) were found as undisclosed income during 2013-14; Rs 19,337.46 crore (4,630 surveys) in 2012-13 and Rs 6,572.75 crore (3,706 surveys conducted) during 2011-12, Minister of State for Finance Jayant Sinha said in a written reply to the Rajya Sabha.
In searches, undisclosed income admitted was at Rs 15,070.64 crore in 2011-12; Rs 10,291.61 crore in 2012-13 and Rs 10,791.63 crore in 2013-14. The respective seizures in searches stood at Rs 905.60 crore, Rs 575.08 crore and Rs 807.84 crore, he said.

"Enquiries conducted by the Income Tax Department during last three years have led to detection of substantial amount of undisclosed income in the cases of persons engaged in the real estate sector," Sinha said.
On asked about details of action taken against real estate companies found guilty in such cases, he said government do not maintain data for them separately.
In reply to a question whether the government has inquired into the case of black money in real estate sector, he said:" Drive against tax evasion/black money is an on-going process and appropriate action is taken in this regard under direct tax laws."

The minister said whenever any information on evasion of direct taxes including in the real estate sector is noticed, the I-T department takes appropriate action including searches, surveys to bring such black money to tax.
"In appropriate cases, penalties are imposed and prosecutions are also launched as per law," he added.