Rs.10, 767 Crore Of Undisclosed Income Detected By IT Dept During Fiscal 2017-18

News World India | 0
| June 17 , 2018 , 15:43 IST

The Income Tax Department has recorded a 20 percent surge over the fiscal 2017-18 post coming across the undisclosed income of around Rs. 10,767 crores during the previous fiscal, confirmed a senior department official.

The official told ANI on the condition of anonymity that the Directorate General of Income Tax (Intelligence and Criminal Investigation) has unearthed around Rs 10,000 crore undisclosed income, up from that of Rs 9051crore detected in FY 2016-17.

The income was detected during the verification of cases of Non-Pan Data, Foreign Account Tax Compliance Act (FATCA), Automotive Exchange of Info (AEOI), and Common reporting standard (CRS) data. The assessing officer is taking action in more than 6000 cases.

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IT Department source confirmed that FATCA cases shot up three times. Compared to 827 cases of FY 2016-17, more than 3500 cases were verified in the previous fiscal. The numbers suggest a three-fold growth in verification of income.

However, undisclosed income under FATCA also shot up to double during the year, the department said. In terms of actionable reports, the department said 1000 reports were sent to the field, recording a 1.5-time increase compared to the FY 2016-17 figures of 66.

After the November 2016 demonetisation drive, AEOI/CRS cases had also shot up thrice, from 650 cases in FY 2016-17 to 2300 cases in FY 2017-18. Meanwhile, undisclosed income under AEOI/CRS shot up to Rs 25.92 crore in FY 2017-18 from Rs 2 lakh in FY 2016-17.

(With inputs from ANI)