CBDT Unearths Rs 16,398 Crore Unaccounted Income
The Central Board of Direct Taxes (CBDT) has unearthed unaccounted wealth worth Rs 16,398 crore post the government's demonetisation move during November 2016-March 2017 through search operations.
The assets seized were worth Rs 900 crore, including Rs 636 crore in cash during the same period, CBDT Chairman Sushil Chandra told reporters in New Delhi at the launch of the ‘Operation Clean Money' portal.
During November-March, surveys conducted in 8,239 cases led to the detection of undisclosed income worth Rs 6,746 crore, Chandra said.
Over 400 cases were referred to Enforcement Directorate and the Central Board of Investigation, with ED and CBI arresting 18 and 38 individuals, respectively.
Also Read: CBDT Circular Confirms Tax Holiday For Developers Of Industrial Parks And SEZs
Chandra said that the department has identified 1 lakh “high-risk” individuals who have made deposits over Rs 25 lakh during November-March period. These accounts had deposits of around Rs 1.72 lakh crore, he said.
The income tax department had identified 17.92 lakh account holders whose deposits did not match with their taxpayer profile in the first phase of ‘Operation Clean Money' launched on January 31 this year.
The government's move to demonetise Rs 500 and Rs 1,000 notes led to an addition of 91 lakh new taxpayers, he explained.
Finance minister Arun Jaitley, who was also present at the event, said: “The additional 91 lakh taxpayers that have been added, this number will go up.”
Also Read: India's Advance Pricing Agreement Programme In Fine Fettle, CBDT Says
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