The government today said the Income Tax department has seized assets worth Rs 900 crore till March 2017 post demonetisation.
The government today said the Income Tax department has seized assets worth Rs 900 crore till March 2017 post demonetisation. The IT department conducted searches on 900 groups during November-March 2017 and undisclosed income of Rs 7,961 crore was admitted, said Minister of State for Finance P Radhakrishnan in a written reply to the Rajya Sabha. “The Income Tax Department takes appropriate action in suitable cases, which include searches, surveys, assessment of income, levy of tax, penalty and filing of prosecution complaints before criminal courts, whichever is applicable,” he said. Further, during April to October, around 275 groups were searched by the department, where assets worth Rs 573 crore were seized and a disclosure of over Rs 7,800 crore was made by the assesses concerned, he added.
The minister also said there there have been visible trend of an increase in households’ assets held in bank deposits, life insurance and mutual funds, a reduction in cash circulation, especially substantial reduction in high value currency notes, among other things post demonetisation. He also highlighted various measures taken by the government to boost real GDP growth. These include, roll out of Goods and Services Tax (GST) and bank recapitalisation.