Undisclosed Income

The Income Tax department has conducted 465 surveys, leading to detection of undisclosed income of Rs 30,444 crore in the 2024-25 fiscal year, Parliament was informed on Tuesday. Minister of State for Finance Pankaj Chaudhary in a written reply in the Rajya Sabha said whenever any credible information of 'direct tax' evasion comes to its notice, it takes suitable actions, including surveys, search and seizure operations, assessments, to bring to tax, the undisclosed income. During FY25, a total of 465 surveys were conducted, which led to detection of undisclosed income of Rs 30,444 crore. In FY24 and FY23, 737 and 1,245 surveys were conducted by the I-T department and undisclosed income of Rs 37,622 crore and 9,805 crore, respectively, were detected. The total number of groups searched during FY25 stood at 1,437 and assets seized stood at Rs 2,504 crore. In FY24, 1,166 groups were searched leading to total asset seizure of Rs 2,555 crore. In FY23, Rs 1,766 crore assets were seized

Besides the Panama Leak, the government also detected undisclosed credits of about Rs 246 crore in Paradise Papers Leaks and Rs 11,010 crore in ICIJ cases

28 premises raided across Mumbai, Pune, Delhi and Hyderabad; two top film production companies also targeted

A threat of getting prosecuted under both Income Tax Act and Black Money Act

IT dept recovered undisclosed income of Rs 5,400 between Nov 9, 2016 to Jan 10, 2017

This amount was collected from 992 individuals

Mahesh Shah was supposed to pay Rs 1,560 crore as first installment on the undisclosed income

He said there has been a "significant rise" in criminal prosecutions filed by the I-T department in last two years