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News INCOME TAX

  • Mar 05, 2013
  • Tax department unearths over Rs 20,000 crore undisclosed income in FY12

    Income Tax Department has detected undisclosed income of Rs 20,589.75 crore in searches and surveys conducted by it in 2011-12, government said today. Minister of State for Finance S S Palanimanickam in a written reply to the Rajya Sabha said, "In the searches conducted by Income Tax Department during FYs 2009-10, 2010-11 and 2011-12, undisclosed income of about Rs 8,101.35 crore, Rs 10,649.16 crore and Rs 14,017 crore, respectively were admitted by the persons searched."

    Source - http://economictimes.indiatimes.com