Real estate, jewellery and mining are among the main sectors that are generating black money in the country, Parliament was informed today.
Minister of State for Finance Jayant Sinha said in a written reply to a query in the Lok Sabha that the Income Tax department has conducted searches on 273 entities between April-September in the current fiscal
The total assets seized by the I-T department was Rs 283 crore and undisclosed income was to the tune of Rs 3,371 crore in the first six months till September, he said.
“Sectoral analysis in respect of seizures of valuables and admission of undisclosed income during searched conducted by I-T department in the last three finance years indicates that the main sectors are real estate, trading and manufacturing, contractors, service, jewellery and mining,” Sinha added.