Economy

Income Tax department detects over Rs 10,000 crore undisclosed income last fiscal, says report

Updated : June 18, 2018 10:45 AM IST

The amount was detected by the department during the verification of cases of Non Pan Data, Foreign Account Tax Compliance Act (FATCA), Automotive Exchange of Info (AEOI), and Common reporting standard (CRS) data.

This amount is 20% higher than the amount detected in the preceding financial year.

FATCA cases shot up by three times, while actionable reports increased by 1.5 times.

Income Tax department detects over Rs 10,000 crore undisclosed income last fiscal, says report

The Income Tax Department has detected undisclosed income worth Rs 10,767 crore during the last financial year, said an agency report citing an unidentified senior department official.

According to the report, the amount was detected by the department during the verification of cases of Non Pan Data, Foreign Account Tax Compliance Act (FATCA), Automotive Exchange of Info (AEOI), and Common reporting standard (CRS) data.

The amount, the report said, is 20 percent higher than the amount detected in the preceding financial year.

As per the sources, FATCA cases shot up by three times, while actionable reports increased by 1.5 times. In addition, the agency report added that since the demonetization drive, AEOI/CRS cases had also shot up three times.

As per the report, officials have said that action will be taken in more than 6,000 cases by the assessing officer on the basis of the submitted reports.

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