I-T Department unearths income of Rs 5,400 crore post-note ban

"During the period from November 9, 2016 to January 10, 2017, more than 1,100 searches and surveys were conducted by the I-T Department apart from issuing more than 5,100 verification notices in the cases of suspicious high value cash deposits or related activities," Minister of State for Finance Arjun Ram Meghwal told the Lok Sabha.

I-T Department unearths income of Rs 5,400 crore post-note ban
Rs 2000 rupee currency notes. Photo: IANS
Written By: IANS
Updated: Sat, Jul 22, 2017
09:47 am
New Delhi, IANS
RELATED NEWS
Income Tax returns filing: IT department wants Kannada film industry to pay taxes, file returns - Here is why they took such step Income Tax returns filing: IT department wants Kannada film industry to pay taxes, file returns - Here is why they took such step
PAN card alert: Applying for Permanent Account number? You may not have to do this anymore PAN card alert: Applying for Permanent Account number? You may not have to do this anymore
Seeking income tax exemption for FY19? click here to know Seeking income tax exemption for FY19? click here to know
Flipkart may pay higher taxes after posting discounts as capital expenditure Flipkart may pay higher taxes after posting discounts as capital expenditure
India sends tax notices to cryptocurrency investors as trading hits $3.5 billion India sends tax notices to cryptocurrency investors as trading hits $3.5 billion

The Income Tax (I-T) Department has unearthed undisclosed income of more than Rs 5,400 crore in over a thousand search operations carried out since the November 8 demonetisation of high-value currency, Parliament was informed on Friday.

"During the period from November 9, 2016 to January 10, 2017, more than 1,100 searches and surveys were conducted by the I-T Department apart from issuing more than 5,100 verification notices in the cases of suspicious high value cash deposits or related activities," Minister of State for Finance Arjun Ram Meghwal told the Lok Sabha in a written reply.

"These actions led to seizure of valuables of more than Rs 610 crore, which includes cash of Rs 513 crore. Seizure of cash in new currency notes was about Rs 110 crore. The undisclosed income detected in these actions was more than Rs 5,400 crore," he said.

"The data available from the National Crime Records Bureau indicates that 1,57,818 numbers of fake Indian currency notes having a face-value of Rs 11,24,04,980 have been reported by states/UTs police for the period 9.11.2016 to 14.7.2017," he added. 

Last week, the Income Tax Department came out with the second list of 5.56 lakh account holders under its `Operation Clean Money`, who will be asked to explain the high cash deposits, found inconsistent with their tax profiles, made during the note ban.

This is the second list from the Income Tax department. The earlier list had identified 17.92 lakh people, who were asked to explain the sources of large cash deposited by them.

These lists are a part of the department`s `Operation Clean Money`, in which data analytics has been made use of to analyse the data received between November 9 and December 30, 2016.

From the earlier list, the department has identified a total of 1.04 lakh persons, who did not disclose all bank accounts during e-verification.

Out of the 17.92 lakh people identified earlier for e-verification of large cash deposits, 9.72 lakh had submitted the online response.

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.