I-T detected Rs 13,715 cr undisclosed income in FY17

The inco­me-tax dep­a­rtment detected un­disclosed income of Rs 13,715 crore through surveys in 2016-17, minister of state for finance Santosh Kumar Gangwar informed Parliament on Tuesday.

Also, as many as 1.26 crore new taxpayers were added in the last financial year, he said in a written reply in the Rajya Sabha.

In the last financial year, the income-tax department conducted searches at 5,102 premises of 1,152 groups during which undisclosed income of Rs 15,496 crore was admitted. “During the same period, 12,526 surveys led to detection of undisclosed income of Rs 13,715 crore,” Gangwar said.

The minister said 1.96 crore income-tax returns were filed between November 9, 2016 and March 31, 2017, compared with 1.63 crore returns filed during the same period of 2015-16.

In a separate reply, Gangwar said during phase one of ‘operation clean money’, launched on January 31, about 1.8 million people were identified whose cash transactions did not match their tax profiles.

More than 927,000 responses were received giving information on 1.333 million accounts, involving cash deposits of around Rs 2.89 lakh crore, the minister of state for finance said.

To fight the menace of black money, the Narendra modi governme­nt had on November 8, 2016, demonetised old 500 and 1,000 rupee notes and asked holders of such notes to deposit them in their bank accounts.

The I-T department had then launched the ‘operation clean money’ to clamp down on unaccounted money funnelled into bank accounts, post-demonetisation. In the phase two, launched in May, the tax department had undertaken a rule-based comprehensive risk assessment framework to classify cases with different levels of risk.

As per the classification, 100,000 people were identified under the ‘high risk’ category, 754,000 under the ‘medium risk’, 595,000 under the ‘low risk’ and 341,000 under the ‘very low risk’, Gangwar said.