Connect with us

Breaking

I-T detects Rs 3,185 cr black income; seizes Rs 86cr

Published

on

56087232

New Delhi, 20 Dec 2016 : Over Rs 3,185 crore of undisclosed income has been detected while Rs 86 crore worth new notes have been seized by the Income Tax department 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 carried out a total of 677 searches, 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 over 3,100 notices to various entities on charges of tax evasion and hawala-like dealings.

The department, they said, has seized cash and jewellery worth over Rs 428 crore during the same period even as the new currency seized (majorly Rs 2,000 notes) is valued at about Rs 86 crore.

“The total undisclosed income admitted or detected as part of this action, till December 19, is more than Rs 3,185 crore,” they said.

The agency has also referred over 220 cases to its sister agencies like the CBI and the Enforcement Directorate (ED) to probe other financial crimes like money laundering, disproportionate assets and corruption as part of their legal mandate.

Officials said various tax offices in the country and it’s policy-making body Central Board of Direct Taxes (CBDT) are also coordinating with banks and their regulator RBI as part of these investigations, being carried out to check tax evasion and illegal profiteering leading to black money.

Meanwhile, the headquarters of these probe agencies have issued orders to all their field formations to deposit the new currency, being seized by their officials in operations, in bank accounts rather than keeping it in strong rooms.

“This way the new currency can come into circulation and help banks dispense it to the public,” they said.

The I-T department has also asked its field formations to coordinate with local police, also making huge cash and jewellery seizures, to understand the complete modus operandi of black money generation post demonetisation.

Breaking

PDP chief Mehbooba Mufti released from detention after 14 months

Published

on

By

Jammu, 13 Oct : Former Jammu and Kashmir chief minister and Peoples Democratic Party (PDP) leader Mehbooba Mufti was on Tuesday released from detention. “PDP chief Mehbooba Mufti is being released from detention,” said Jammu and Kashmir administration spokesperson Rohit Kansal.

A government order issued on Tuesday night said her detention was being revoked with immediate effect.

The Jammu and Kashmir administration in July had extended her detention by three months under the stringent Public Safety Act (PSA).

Continue Reading

Breaking

Cinemas, theatres, multiplexes to open with up to 50% seating capacity from Oct 15

Published

on

By

Swimming pools for training of sportspersons to open with SOP from Oct 15

Continue Reading

Breaking

SAD breaks alliance with BJP Leaves NDA in protest against farmers ordinance

Published

on

By

Chandigarh, 26 Sep : The Shiromani Akali Dal (SAD) has severed its alliance with the BJP. The Akali Dal had a 22-year-old alliance with the BJP.

The decision was taken after a meeting of the Akali Dal’s Kaur Committee which lasted for more than four hours today. Mr. Sukhbir Singh Badal addressed the press after the meeting and announced that he would no longer be a part of BJP-NDA.

Continue Reading

Trending Live

Advertisement

Latest Post

Big News

Advertisement

Sports

Advertisement

Entertainment

Trending