Undisclosed income of Rs 2600 crore unearthed since November 8

With the continuing investigations by Income Tax Department since the demonetisation announcement on November 8, approximately Rs 2,600 crore of undisclosed income has been admitted by taxpayers, Ministry of Finance said on Friday.

The Ministry said that while the searches have been carried out in 291 cases across the country, 295 cases have been covered by survey action. 

"In addition to these, open enquiries have been effected in more than 3000 cases. Approximately Rs 393 crore including Rs 316 crore cash and Rs 77 crore worth of jewellery has been seized. Of the cash seizure, about Rs 80 crore is in new currency, " the Ministry said.

For the success in unearthing undisclosed income and detecting illegal activities, the Ministry appreciated the IT Department and its focused enforcement actions based upon high quality data analytics under various categories thereby identifying and prioritizing high risk persons/groups