Income Tax department uncovers Rs 45,622 crore undisclosed income

The I-T department conducted searches on nearly 2,534 groups of persons in the last three financial years and the current one (up to January 2017) and unearthed undisclosed income of Rs 45,622 crore. “During the last three financial years (2013-14, 2014-15 and 2015-16) and the current financial year (up to January 2017), the I-T department conducted searches on about 2,534 groups of persons, which led to admission of undisclosed income of about Rs 45,622 crore apart from seizure of undisclosed asset (cash, jewellery etc) worth about Rs 3,625 crore,” Minister of State for Finance Santosh Kumar Gangwar said in a written reply to the Lok Sabha.

Gangwar further said, “Besides levy of taxes on the total income of those persons whose assessments were completed during the last three years and current financial year (up to to January 2017), the ITD filed prosecution complaints in 2,432 cases.”

He added: “During the same period, 4,264 compounding applications were also received from persons who had committed offence under the Act.”

Of the cases disposed of by criminal courts during the period, the minister said, “116 persons were convicted of offences committed under the Act.” In 3,218 cases, offences were compounded by the competent I-T authorities.

According to the minister, as part of enforcement measures and based on credible evidence of tax evasion and other serious violations of provisions, the income tax department (ITD) conducts searches in cases of various persons, including companies and individuals.

 

Elaborating, he noted that based on material recovered during searches, investigation is conducted by investigating officers and findings of such investigations are shared with the assessing officers concerned.

Such assessing officers initiate and complete assessment proceedings as per the provision of the Act with a view to assessing the income and taking other actions such as raising of tax demand, levy of applicable penalties, recovery of such demands and filing of prosecution complaints.

Remit Excess Securities Transaction Tax to Government: BSE to Brokers

Remit Excess Securities Transaction Tax to Government: BSE to Brokers

Mumbai: Stock exchange BSE on Thursday asked its stock brokers to furnish details of excess securities transaction tax (STT) collected by them during 2013-14 and earlier as well as remit the amount to the government.

The move follows a notice issued by joint commissioner of income tax to draw attention towards excess STT collected by some brokers and sub-brokers, which is not being remitted to the government account.

BSE said in a circular that details have to be furnished within 15 days, while the “excess amount so collected needs to be remitted to the government account immediately”.

“As per instructions of the income tax department, a circular is issued to the member brokers, requesting to furnish details of excess STT collected and retained with them for FY 2013-14 and for preceding years as on March 31, 2014 directly to the address (of income tax office),” BSE said.