Income Tax Dept made seizures of Rs 1,584 crore in FY 2019

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New Delhi | Published: June 25, 2019 4:19:22 AM

A tax official said the FY19 seizure was substantial because of general elections which resulted in higher volume of information received by the department on the use of unaccounted money in the form of cash.

income tax, income tax demonetisationThe I-T department had seized Rs 1,469 crore during FY17, the year of demonestisation.

The value of seizures by the income tax department (ITD) was Rs 1,584 crore in FY19, up from Rs 993 crore in the year before, the finance ministry said in a reply in Parliament. The I-T department had seized Rs 1,469 crore during FY17, the year of demonestisation.

A tax official said the FY19 seizure was substantial because of general elections which resulted in higher volume of information received by the department on the use of unaccounted money in the form of cash.

“Further, as an outcome of the actions taken by the income tax department under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, as on April 30, 2019, notices under the Act have been issued in over 380 cases involving undisclosed foreign assets and income valued over `12,260 crore approx. Further, prosecution has been launched in 68 cases,” it said.

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