Undisclosed income of Rs 9,200 cr detected in FY'12

NEW DELHI: Tax authorities detected undisclosed income of over Rs 9,200 crore during their search operations across 330 business establishments last fiscal, the government said today.

The searches were conducted by the Investigation Directorates of the Central Board of Direct Taxes (CBDT).

"On the basis of assets, documents and other evidence unearthed during such searches, undisclosed income exceeding Rs 9,200 crore was detected," CBDT said in a statement.

Besides, tax authorities also seized unaccounted assets of Rs 880 crore (including Rs 500 crore in cash) in 2011-12. In the previous fiscal, tax authorities had seized unaccounted assets of Rs 775 crore.

CBDT said as many as 5,132 warrants were executed in the last fiscal as against against 4,852 in 2010-11.

In last three years through 2011-12, the department of revenue has unearthed undisclosed income of Rs 28,040 crore.

CBDT further said that several searches were conducted on the basis of information received relating to assets held abroad by residents of India.

"Disclosure of details regarding assets held abroad is being made mandatory in the income tax returns. Non-furnishing of such information..., and its subsequent detection, will invariably lead to prosecution," it said.

Facing flak from different quarters including opposition parties for not doing enough to check black money, the government has taken several measures to deal with the menace of generation and circulation of unaccounted wealth.

Finance Minister Pranab Mukherjee, in his Budget 2012, has proposed additional measures to deter the generation and use of unaccounted money.