The government has detected undisclosed income of Rs 7,685 crore in the first eight months of the fiscal in searches and surveys, more than half of which has been admitted by the assessees, Union finance minister Arun Jaitley told the Parliament on Friday.
With this, the amount of undisclosed income thus found in the last four years has touched Rs 40,500 crore. In the the April-November period of this fiscal, assessees have admitted to income suppression of Rs 4,304 crore, Jaitly told the Lok Sabha. About a third of the undisclosed income would be the principal tax amount payable by the assessees excluding interest and penalty.
On the indirect tax side, tax evasion detected is much more. The alleged service tax, excise and customs duty evasion during the April-November period of this fiscal has touched Rs 9,220 crore.
Tax authorities have demanded Rs 5,097 crore of service tax, Rs 1,995 crore of excise duty and Rs 2,128 crore of customs duty from various companies, the minister replied.In the last four years, the amount of service tax evasion has touched Rs 59,315 crore, while excise evasion has crossed Rs 18,016 crore. Customs duty evasion in the same period has touched Rs 14,412 crore.
Customs officials detected cross-border tax evasion of Rs 1,380 crore so far this fiscal. Tax evasions in export and import have touched Rs 11,330 crore since 2011-12.
