Rs 35,000 cr undisclosed income detected in last 3 years: Govt

Government has detected undisclosed income of Rs 34,958 crore and seized assets worth over Rs 2,255 crore in the past three financial years, Parliament was informed today.

Up to December 2013 of current fiscal, undisclosed income detection has been at Rs 6,610.66 crore, while seizure of assets stands at Rs 559.04 crore, Minister of State for Finance J D Seelam said in a written reply to the Lok Sabha.

Undisclosed income of Rs 10,649.16 crore were detected in 2010-11; Rs 14,017 crore in 2011-12; Rs 10,291.61 crore in 2012-13 and Rs 6,610.66 crore until December of 2013-14.

The value of assets seized were at Rs 774.98 crore in 2010-11; Rs 905.6 crore in 2011-12; Rs 575.08 crore in 2012-13 and Rs 559.04 crore up to December 2013-14, he said.

"Drive against tax evasion is a continuous and on-going exercise. Whenever credible information comes to the notice, appropriate action is taken under provisions of the direct tax laws and any undisclosed income detected is brought to tax," Seelam said, adding that the government takes penal actions in appropriate cases, including levy of penalty and launching of prosecution.

Further, the Income Tax Department has set up monitoring mechanism and periodical inspection are undertaken to ensure actions taken.

In reply to a separate question, Seelam said government collected Rs 84,898 crore as central excise from duty on petroleum products in 2012-13; Rs 74,701 crore in 2011-12 and Rs 76,546 crore in 2010-11.