IT Department detects Rs.10,767 Cr undisclosed income in FY 2017-18

IT Department detects Rs.10,767 Cr undisclosed income in FY 2017-18

IT Department detects Rs.10,767 Cr undisclosed income in FY 2017-18

The Income Tax Department has found out undisclosed income of over Rs. 10,000 crores in the just concluded financial year, which comes to a 20 per cent more than the previous year.

Intelligence and Criminal Investigation wing of The Directorate General of Income Tax have unearthed Rs 10,767 crore such income, which is more than that of Rs 9051 crore found out in the financial year of 2016-17.

Any income which has not been taken into consideration for the purpose of calculation of tax (income tax, capital gains tax etc) is known as undisclosed income. The Income-tax Act is empowered to take penalties for a number of defaults committed by the taxpayers. Some of the which are mandatory. Few of them are exercised at the discretion of the tax authorities.

This income, disproportionate to known source of ones’ income were detected while verifying the cases of Non-Pan Data, Foreign Account Tax Compliance Act (FATCA), Automotive Exchange of Info (AEOI), and Common reporting standard (CRS) data, in a routine exercise, it is said.

The IT Department says that FATCA cases have gone up three times recently. While in the previous year, more than 3500 cases were verified, compared to 827 cases in the concluding year of 2016-17. That is a three-fold growth. Undisclosed income under FATCA cases have also doubled during the year, the Income Tax department said.

The department said that about one thousand such reports were sent to the field, which comes to a 1.5-times increase as compared to the 2016-17 figures of 66.

Post-November 2016 demonetisation drive of the Union government, AEOI/CRS cases had also increased almost in the rage of three times, i.e. from 650 cases in 2016-17 to about 2300 cases in the year 2017-18.

The case of undisclosed income under AEOI/CRS have skyrocketed to Rs 25.92 crore in 2017-18 from Rs two lakh in the preceding year of 2016-17.

Punitive action is being taken in more than 6000 cases by the assessing officer, which is based on these data, it is said.

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Anirudh Singh

Anirudh Singh is a passionate blogger and the man behind Amazing India Blog. He has 5 years of experience in the newspaper industry and he founded Amazing India Blog in 2015. Apart from writing and editing articles on Travel, Business and Technology at Amazing India Blog, he also contributes to other well known newspapers and online news blogs.

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