New Delhi: As the government continues its pursuit of black money held by Indians, the I-T Department has detected undisclosed income totalling over Rs 1.16 lakh crore in the last three financial years, of which real estate accounted for a substantial part.
Various persons have admitted to undisclosed income that totals to Rs 36,153.88 crore during searches conducted by the Income Tax Department during this period. The I-T Department also seized assets worth about Rs 2,200 crore.
This disclosure made in a written reply by Minister of State for Finance Jayant Sinha in Rajya Sabha comes at a time when concerns are being raised by various quarters over a larger amount of black money held within India rather than in foreign tax havens.
There have also been reports that the real estate sector accounts for a major chunk of black money.
In 2013-14 alone, the I-T Department detected undeclared income of Rs 90,390.71 crore in its surveys.
"Enquiries conducted by the Income Tax Department during last three years have led to a detection of substantial amount of undisclosed income in the cases of persons engaged in the real estate sector," Sinha said.
About 5,327 surveys conducted in 2013-14 revealed undisclosed amount of Rs 90,390.71 crore, while 4,630 surveys carried out in 2012-13 found Rs 19,337.46 crore.
In 2011-12, around 3,706 surveys conducted revealed undisclosed amount of Rs 6,572.75 crore.
Undisclosed income admitted to stood at Rs 10,791.63 crore in 2013-14 during searches. It was Rs 10,291.61 crore in 2012-13 and Rs 15,070.64 crore in 2011-12.
The total value of assets seized during these periods was Rs 807.84 crore, Rs 575.08 crore and Rs 905.60 crore respectively.
To a specific question on details of action taken against real estate companies found guilty, Sinha said government do not maintain data for them separately.
In reply to a another question whether the government has inquired into the case of black money in real estate sector, he said: "Drive against tax evasion/black money is an on-going process and appropriate action is taken in this regard under direct tax laws."
The Minister said whenever any information on evasion of direct taxes including in the real estate sector is noticed, the I-T department takes appropriate action including searches, surveys to bring such black money to tax.
"In appropriate cases, penalties are imposed and prosecutions are also launched as per law," he added.
