I-T raids uncovered Rs 4,663 crore of undisclosed income since demonetisation

NEW DELHI: Over Rs 4,663 crore of undisclosed income has been detected by the Income Tax department as part of its country-wide operations against black money hoarders post the demonetisation of two high value currencies by the government.

“The department has also seized Rs 562 crore, including Rs 110 crore worth new notes, during the raids,” news agency said while quoting the I-T sources.
According to  report, Income Tax department has carried out a total of 253 searches, 556 survey, 289 seizures and enquiry operations under the provisions of the Income Tax Act since the note ban was declared on 8 November, even as the department has issued over 5,062 notices to various entities on charges of tax evasion and hawala-like dealings.

Last month, Income Tax department claimed to have seized over Rs 3,185 crore of undisclosed income during the nation-wide raids against money hoarders. the department had also claimed to seized Rs 86 crore worth new notes during the raids