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‘Rs 43,000 crore undisclosed income unearthed‘

Adhia did not specify whether the money belonged to individuals or corporates

Policy Pulse
Publish Date: Jul 2 2016 9:22AM | Updated Date: Jul 2 2016 9:22AM

‘Rs 43,000 crore undisclosed income unearthed‘

Income Tax Department has uncovered unrevealed income of Rs 43,000 crore in the last two fiscals, Union revenue secretary Hasmukh Adhia has said.

 
Talking to reportrs he said, while Rs 21,000 crore have been found from department's searches, remaining Rs 22,000 crore have been disclosed from various surveys.
 
Adhia did not specify whether the money belonged to individuals or corporates.
 
"The department is currently busy calculating the tax to be imposed on this undisclosed amount," he added.
 
Speaking on the penalty to be imposed on the Rs 13,000 crore of black money discovered in foreign accounts of Indians till now, the revenue secretary said this money will be taxed at the rate of 120 per cent.
 
He also said there are around 5.4 crore taxpayers, of which 1,50,000 have annual income of over Rs 50 lakh. As many as 1.8 crore are TDS taxpayers.