Income Tax Department seizes Rs 1200 crore undisclosed income from Kerala

KOCHI: Undisclosed income of Rs 1200 crore has been admitted in the first half of the year during the search and seizure operations conducted by the Income Tax Department, Kerala.

The Director General of Income Tax (Inv) has conducted 29 search and seizure operations during the first half of the year. These searches have resulted in a seizure of Rs 15.25 crore in cash and Rs 16 crore worth jewellery.

The IT department has information of the immovable properties and deposits in co-operative banks/societies and NBFCs, a statement by the IT department said. People who have not disclosed their investment and interest earned in such deposits should take advantage of the Income Disclosure Scheme 2016 till September 30, 2016, it added.