Income Tax dept recovered Rs 3590 crore till Dec 21 post demonetisation

Income Tax sources on Friday revealed that post November 8 demonetisation drive till December 21, Rs 3590 crore has been recovered in various raids and people admitting of their undisclosed income across the country.

According to Income Tax sources, the department has issued 3589 notices so far. Taxmen through various raids have unearth Rs 505 crore out of which over Rs 93 crore has been found in new currency notes. 

Income Tax sleuths have been on vigil post demonetisation and raids are being conducted across India. I-T dept referred around 400 cases to Enforcement Directorate (ED) and Central Board of Investigation (CBI) following searches and seizures made post demonetisation, revealed the source. 

Recently, official sources said the taxman has carried out a total of 760 search, survey and enquiry operations under the provisions of the Income Tax Act since the note ban was declared on November 8, even as the department has issued 3,589 notices to various entities on charges of tax evasion and hawala-like dealings, till December 21.The department has seized cash and jewellery worth over Rs 505 crore during the same period even as the new currency seized is valued at more than Rs 93 crore.

“The total undisclosed income admitted or detected as part of this action, till December 21, is more than Rs 3,590 crore,” they said. The agency has also referred a total of 215 cases to the Enforcement Directorate (ED) and 185 cases to the CBI in order to enable them to probe other financial crimes like money laundering, disproportionate assets and corruption as part of their legal mandate.