The Union Minister for Electronics & Information Technology and Law & Justice, Ravi Shankar Prasad briefing the media on the initiatives taken for popularising cashless transactions, in New Delhi on December 16, 2016.(PIB)
The Minister of State for Electronics & Information Technology and Law & Justice, Shri P.P. Chaudhary and the Secretary, Ministry of Electronics & Information Technology, Ms. Aruna Sundararajan are also seen.
IT Raids Unearth Rs.2,600 Cr Since Nov. 8
The Income Tax Department has carried out investigations since the de-monetisation of Old High Denomination (OHD) currency announced by the Government on 8th November, 2016 and unearthed Rs.2,600 crore in 291 cases across the country. In addition, open enquiries have been effected in more than 3,000 cases.
Approximately Rs. 393 Crore including Rs. 316 Crore cash and Rs. 77 Crore worth of jewellery has been seized. Of the cash seizure, about Rs. 80 Crore is in new currency. As a result of these investigations, approximately Rs. 2600 Crore of undisclosed income has been admitted by the taxpayers.
The success of the Department in unearthing undisclosed incomes and detecting large scale malpractices is due to its focused enforcement actions based upon high quality data analytics under various categories thereby identifying and prioritizing high risk persons/groups.
This, coupled with the professional manner of conducting the investigations in a swift and confidential manner, has helped the Department make an impact in a short time.