July 2, 2016
The Income Tax Department has unearthed undisclosed income of Rs. 43,000 crore through investigations in the last two fiscal years, Union Revenue Secretary Hasmukh Adhia said today. “While Rs. 21,000 crore have been found from department’s searches, the balance of Rs. 22,000 crore have been disclosed from various surveys,” Mr Adhia told reporters here.
He did not specify whether the money belonged to individuals or corporates. “The department is currently busy calculating the tax to be imposed on this undisclosed amount,” he added.
Talking about the penalty to be imposed on the Rs. 13,000 crore of black money discovered in foreign accounts of Indians so far, he said this money will be taxed at the rate of 120 per cent. Mr Adhia also said there are close to 5.4 crore taxpayers, of which 1,50,000 have annual income of over Rs. 50 lakh. As many as 1.8 crore are TDS taxpayers.