Skip to main content

I-T detected Rs 13,715 cr undisclosed income in FY

By
I-T detected Rs 13,715 cr undisclosed income in FY 
The inco­me-tax dep­a­rtment detected un­disclosed income of Rs 13,715 crore through surveys in 2016-17, minister of state for finance Santosh Kumar Gangwar informed Parliament on Tuesday.
Also, as many as 1.26 crore new taxpayers were added in the last financial year, he said in a written reply in the Rajya Sabha.
In the last financial year, the income-tax department conducted searches at 5,102 premises of 1,152 groups during which undisclosed income of Rs 15,496 crore was admitted. “During the same period, 12,526 surveys led to detection of undisclosed income of Rs 13,715 crore,” Gangwar said.
The minister said 1.96 crore income-tax returns were filed between November 9, 2016 and March 31, 2017, compared with 1.63 crore returns filed during the same period of 2015-16.
In a separate reply, Gangwar said during phase one of ‘operation clean money’, launched on January 31, about 1.8 million people were identified whose cash transactions did not match their tax profiles.
The Economic Times, New Delhi, 09th August 2017

Comments

Post a Comment

Popular posts from this blog

Budget: Startup sector gets new Fund of Funds, FM to allocate Rs 10K cr

By
  The Indian startup sector received a boost with Finance Minister Nirmala Sitharaman announcing the establishment of a new fund of funds (FoF) in the Budget 2025. The minister unveiled a fresh FoF with an expanded scope, allocating Rs 10,000 crore. The initial fund of funds announced by the government with an investment of Rs 10,000 crore successfully catalysed commitments worth Rs 91,000 crore, the minister said.   “The renewal of the Rs 10,000 crore commitment to the Fund of Funds for alternative investment funds (AIFs) is a significant step forward for the Indian startup and investment ecosystem. The initial Rs 10,000 crore commitment catalysed Rs 91,000 crore in investments, and I fully expect this fresh infusion to attract an additional Rs 1 lakh to Rs 1.5 lakh crore in capital,” said Anirudh Damani, managing partner, Artha Venture Funds.   Damani further added that this initiative will provide much-needed growth capital to early-stage startups, further strengthenin...
Post a Comment
Read more

After RBI rate cut, check latest home loan interest rates of top banks for loans above Rs 75 lakh

By
  The Reserve Bank of India (RBI) has reduced the repo rate by 25 basis points from 6.50% to 6.25% in its monetary policy review as announced on February 7, 2025. After the RBI repo rate cut, banks such as SBI, Canara Bank, PNB, and Union Bank among others have cut their repo linked lending rates. Most other banks are also expected to cut their lending rates in line with the RBI rate cut. After banks cut their lending rates, their home loan borrowers will have to pay less interest. Normally, when a lender cuts the lending rate, borrowers get two options: Either to go for a reduction in EMIs or reduce the tenure of the loan. The second option will help the borrowers clear their home loan outstanding faster. In case, the borrower goes for reduction in EMI then the lower lending rate of the lender would mean lower Equated Monthly Installment (EMI) for borrowers.   EMI is the amount you will pay on a specific date each month till the loan is repaid in full.A repo rate-linked home ...
Post a Comment
Read more