Income Tax unearths undisclosed income worth Rs 90,000 crore

Hyderabad: The income tax department has found Rs 90,000 crore undisclosed income during its searches and surveys across the country during the finance year 2013-14, said a top income tax official. The undisclosed amount found in Telangana and Andhra Pradesh is to the tune of Rs 2,574 crore.

“The income tax department has conducted surveys in as many as 5,327 cases all over the country during last year and an amount of Rs 90,000 crore of undisclosed income was detected,” said K.V. Chowdary, the chairman of CBDT, addressing a press meet on Friday. For Hyderabad region, which includes Telangana and Andhra Pradesh, the IT department has set a target of Rs 38,288 crores for 2014-2015 fiscal  which is 19.9 per cent more than the last year’s collection.

The department, however, Mr Chowdary said, expects to reach targets by promoting voluntary compliance. “Only in exceptional cases, based on specific information, survey or search action is initiated. We have identified large number of people who should have filed their returns. In FY14, search operations in 50 groups resulted in admission of undisclosed income of Rs 1,441 crores, while in FY15, so far Rs 189 crores have been detected while conducting searches in 11 groups of AP and TS, said the official.

Mr Chowdary said that the department is in the process of implementing various data warehouse and various business intelligence projects which will enable identification of new tax payers and also deepen the tax base. He said that tax payers stood at Rs 3.5 crore out of which around Rs 2.97 crore people are filing returns have been e-filed showing an increase of 13 per cent.