How Did Rs 77,871 Crore in Undisclosed Income Get Detected Over 3 Financial Years?
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Synopsis
The Income Tax Department's recent findings reveal a mind-boggling Rs 77,871 crore in undisclosed income detected over three fiscal years, highlighting the government's ongoing fight against tax evasion. Discover the key figures and implications of these findings in our detailed report.
Key Takeaways
- Rs 77,871.44 crore in undisclosed income detected.
- 1,245 surveys conducted in FY 2022-23.
- Rs 6,824.34 crore worth of assets seized.
- 684 disclosures of foreign assets valued at Rs 4,164 crore.
- Ongoing efforts to combat tax evasion through the Black Money Act.
New Delhi, Aug 5 (NationPress) The Income Tax Department has uncovered a staggering Rs 77,871.44 crore in undisclosed income across three fiscal years (2022-23, 2023-24, and 2024-25) through various tax evasion surveys, as reported to Parliament on Tuesday.
For the financial year 2022-23, a total of 1,245 surveys were conducted, leading to the discovery of Rs 9,805.04 crore in undisclosed income. This amount saw a significant increase in the following year, with 737 surveys revealing Rs 37,622.23 crore, according to Pankaj Chaudhary, Minister of State for Finance, during a written response in the Rajya Sabha.
In FY 2024-25, the undisclosed income identified amounted to Rs 30,444.17 crore from 465 surveys.
During this three-year period, 3,344 groups were targeted in search and seizure operations, leading to the confiscation of assets worth Rs 6,824.34 crore, the minister noted.
The Income Tax Department remains vigilant, taking appropriate actions—including surveys, searches, and assessments—whenever credible information about 'direct tax' evasion arises, he added.
Furthermore, since the implementation of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, which took effect on July 1, 2015, there have been 684 disclosures of undisclosed foreign assets valued at Rs 4,164 crore during the one-time compliance period from July 1 to September 30, 2015.
The total amount collected through taxes and penalties in these cases reached approximately Rs 2,476 crore. As of March 31, 2025, 1,021 assessments under the same Act have been finalized, raising tax and penalty demands of around Rs 35,105 crore, with 163 prosecution complaints filed, the minister elaborated.
Moreover, Section 51 of the Black Money Act is listed as a scheduled offense under Part C of the PML Act, 2002.
In 17 related cases, the Enforcement Directorate has seized proceeds of crime totaling Rs 89.78 crore and has filed 10 prosecution complaints, including 4 supplementary complaints.
Additionally, the ED has confiscated assets worth Rs 285.39 crore under Section 37A of the FEMA in 12 cases associated with violations of the Black Money Act.
Point of View
I emphasize the importance of transparency and accountability in financial dealings. The significant detection of undisclosed income showcases the government's commitment to enforcing tax compliance. This not only strengthens the economy but also fosters trust among citizens, ensuring that everyone contributes their fair share.
NationPress
05/09/2025
Frequently Asked Questions
What is the total undisclosed income detected?
The total undisclosed income detected amounts to Rs 77,871.44 crore over three financial years.
How many surveys were conducted in FY 2022-23?
A total of 1,245 surveys were conducted in FY 2022-23.
What assets were seized during the operations?
Assets worth Rs 6,824.34 crore were seized during the search and seizure operations.
What is the Black Money Act?
The Black Money Act addresses undisclosed foreign income and assets, implemented to combat tax evasion.
What amount was collected through tax and penalties?
Approximately Rs 2,476 crore was collected through taxes and penalties in related cases.
