I-T detects over Rs 540 cr black money in last fortnight

April 18, 2017 23:28

With the Pradhan Mantri Garib Kalyan Yojana black money window closed on March 31, the Income Tax department has detected over Rs 540 crore black money in the next 15 days as part of its nationwide operations to check tax evasion.

Officials said the tax sleuths, in the first fortnight of the new financial year that began on April 1, have conducted multiple search and survey operations on entry operators (agents using banking channels to launder funds), shell firms, government officials, real estate players and other sectors.

As per an official data compiled till April 15, the department has carried out "over 250 search and survey operations where the taxman raided at least 300 shell firms and detected more than Rs 540 crore of black money."

The action is significant as it comes after the closure of the third black money declaration window of the Pradhan Mantri Garib Kalyan Yojna, provided by the government to people holding stash funds to come clean and pay due taxes and penalty, that ended on March 31.

The government had brought the first black money declaration window in 2015 for people who held illegal assets abroad followed by the Income Declaration Scheme last year where individuals and entities could declare their domestic black funds.

The PMGKY was brought by the government in order to check hidden money in the wake of the demonetisation that was announced by Prime Minister Narendra Modi on November 8 last year.

A senior official said three major searches were conducted in Noida near here during the said period against an entry operator who was "managing" about 200 shell firms for providing entries of bogus sale and purchase.

"More than 20 beneficiaries who have received entries of over Rs 1 crore have been identified and the total undisclosed income in this case is about Rs 300 crore," the official said.

Representative image

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