Undisclosed income amounting to Rs.10,767 crore detected by IT Dept.

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Undisclosed income to the tune of Rs.10,676 crore was detected by the IT department during FY17-18, as per a report published by Financial Express.

Income-Tax
The IT dept. detected undisclosed income exceeding Rs.10,000 crore in FY17-18.

This is a 20 per cent increase compared to the undisclosed amount detected in FY16-17. A total of Rs.9,051 crore was detected by the department in that financial year.

The department, which has cracked down on illegal wealth following demonetisation detected this sum through verification of data related to Foreign Account Tax Compliance Act or FATCA, Non-Pan Data, common reporting standard reports, and Automotive Exchange of Information inputs.

While the number of cases under FATCA increased three-fold to over 3,500 (compared to 827 instances in FY17), the undisclosed income under the same doubled during the fiscal.

The number of actionable reports sent during FY17-18 stood at 1,000, 150 per cent more than the number of reports sent in FY16-17.

Cases pertaining to common reporting standard reports and automotive exchange of information inputs also saw a drastic increase in the year, with a total of 2,300 cases reported as compared to 650 cases in FY16-17. Undisclosed income under these two heads jumped from Rs.2 lakh in FY 16-17 to Rs.25.92 crore in the last fiscal.

Source – Financial Express

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