Tag: Income Tax Act

Over Rs. 4,807 crore of undisclosed income has been detected while Rs. 112 crore worth new notes have been seized by the Income Tax department as part of its country-wide operations against black money hoarders post demonetisation. Official sources said the taxman carried out a total of 1,138 search, survey and enquiry operations under the provisions of the Income Tax Act since the note ban was declared on November 8 last year, even as the department has issued 5,184 notices to various entities on charges of tax evasion and hawala-like dealings. The department, they said, has seized cash and jewellery worth over Rs. 609.39 crore during the same period even as the new currency seized (majorly Rs. 2000 notes) is valued at about Rs. 112.8 crore. The value of the seized jewellery ...