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Modi’s fight against black money

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The News Bureau, Feb 13

In its crusade against black money and with a view to having credible deterrence against generation of black money, the Modi Government had shifted the focus to successfully prosecute the offenders in shortest possible time.

Deliberate attempt to evade tax is a serious offence punishable under Section 276 C of the Income Tax Act, 1961 with imprisonment upto seven years and fine.

During 2014-15 the Income Tax Department had sear

hed 414 groups and seized undisclosed assets of Rs 582 crore. Undisclosed income of Rs 6769 crore has been admitted by the tax-payers during searches.

Undisclosed income detected as a result of further enquiries is much more. Besides, 1174 surveys conducted led to detection of undisclosed income of Rs 4673 crore.

Income Tax Department’s focus of investigation had so far been on civil consequences.

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