The Ministry of Finance today said that approximately Rs 2000 crore of untaxed income has been disclosed since demonetisation.
In a statement issued today, the ministry said that the Income-Tax department probed over 400 cases of alleged disproportionate assets and Rs 130 crore in cash and jewellery was recovered since Rs 500 and Rs 1000 notes ceased to be legal tender.
More than Rs. 130 crore in cash and jewellery seized by the IT Deptt & about Rs.2,000 crore of Undisclosed Income admitted by the taxpayers.— Ministry of Finance (@FinMinIndia) December 6, 2016
Income Tax Deptt carries-out swift investigations in more than 400 cases since de-monetization of old High Denomination currency on 8th Nov.— Ministry of Finance (@FinMinIndia) December 6, 2016
In over 30 cases, the Central Board of Direct Taxes (CBDT) found serious irregularities that are beyond the purview of the I-T Act; they have been referred to the ED and Central Bureau of Investigation.
IT Department refers large number of cases with serious irregularities detected Post De-monetization to Enforcement Directorate & CBI.— Ministry of Finance (@FinMinIndia) December 6, 2016
It also states that Bengaluru saw the maximum number of references to Enforcement Directorate of seizures of high denomination demonetised notes.