Note ban: Income Tax dept detects over Rs 3,590 crore of un-disclosed income

Income Tax department has detected over Rs 3,590 crore of un-disclosed income while more than Rs 93 crore in new notes have been seized as part of its country-wide operations against black money hoarders post the demonetisation of two high value currencies by the government.

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 yesterday.

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.