Contact Your Financial Adviser Money Making MC
9
January 2017
Following
the demonetisation of high-value currency announced on November 8, India's
Income Tax Department has detected undisclosed income of over Rs 4,807 crore
and seized new notes worth Rs 112 crore, an official source here said on
Sunday. The Total Investment
& Insurance Solutions
Since
the demonetisation intended to eliminate black money, counterfeit currency and
terror financing, the tax authorities carried out 1,138 search, survey and
enquiry operations and have issued 5,184 notices to various entities on charges
of tax evasion and currency dealing through hawala channels, the source said. The Total Investment & Insurance
Solutions
The
total undisclosed income admitted or detected till January 5 is over Rs 4,807
crore, he added.
According
to the official, cash and jewellery worth over Rs 609.39 crore has been seized
during the same period, while the new currency seized is valued at more than Rs
112 crore. The Total Investment
& Insurance Solutions
On
Decmber 16, the I-T Department had announced it had uncovered concealed income
to the tune of Rs 2,600 crore and had seized a total of Rs 393 crore involving
nearly 300 cases. The Total
Investment & Insurance Solutions
Briefing
reporters here, Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra
said: "We have conducted searches and seizures in about 291 cases, carried
out surveys in 295 cases.
"We
have seized currency notes over Rs 316 crore in raids, including Rs 80 crore in
new notes. Besides, jewellery of Rs 76 crore has also been seized making for a
total seizure of Rs 393 crore."
The
head of India's Income Tax Department also said that 3,000 notices have been
issued on the basis of their analysis of deposits made since demonetisation was
announced last month. The Total
Investment & Insurance Solutions
Meanwhile,
describing the currency deposited with banks following demonetisation as money
that has lost its earlier "anonymity", Union Finance Minister Arun
Jaitley on Sunday said such deposits do not automatically become legitimate,
and can now be identified with the owner for taxation purposes.
"Black
money does not change its colour merely because it is deposited in bank. On the
contrary, it loses its anonymity and can now be identified with its
owner," Jaitley wrote in a Facebook post titled "Demonetisation -- A
look back at the last two months". The Total Investment & Insurance Solutions
No comments:
Post a Comment