New Delhi: The Income Tax Department detected undisclosed income worth Rs 13,715 crore in fiscal year 2016-17, Minister of State for Finance Santosh Kumar Gangwar told Parliament on Tuesday.
Income tax raids at 5,102 places yielded undeclared income of Rs 15,496 crore he said in a written reply to Parliament.
The minister also said that a total of 1.96 crore income tax returns were filed in the last fiscal year, compared with 1.63 crore returns filed in the year before that.
In a separate reply, Gangwar said that during phase one of 'Operation Clean Money' launched on 31 January, about 18 lakh persons were identified whose cash transactions did not match their tax profiles.
More than 9.27 lakh responses were received giving information on 13.33 lakh accounts, involving cash deposits of around Rs2.89 lakh crore, he said. To fight the menace of black money, the government had on 8 November, 2016, demonetised old 500 and 1,000 rupee notes and asked holders of such notes to deposit the same in bank accounts.
The I-T department had then launched Operation Clean Money to clamp down on unaccounted money funnelled into bank accounts, post demonetisation. In phase two, launched in May, the tax department had undertaken a rule-based comprehensive risk assessment framework to classify cases with different levels of risk.
As per the classification, one lakh people were identified under the 'high risk' category, 7.54 lakh under 'medium risk', 5.95 lakh under 'low risk' and 3.41 lakh under 'very low risk', Gangwar said.
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