I-T detects Rs.3,590 crore un-disclosed income after demonetisation

The Income Tax Department has detected over 3,590 crore rupees of un-disclosed income while more than 93 crore rupees in new notes have been seized as part of its country-wide operations against black money hoarders post the demonetisation of two high value currencies by the government. 

Official sources said the taxman has carried out a total of 760 search, survey and enquiry operations under the provisions of the Income



Tax Act since the note ban was declared on November 8.The IT department has issued 3,589 notices to various entities on charges of tax evasion and hawala-like dealings, till Wednesday. 

The Department has also seized cash and jewellery worth over 505 crore rupees. A total of 215 cases has been referred to the Enforcement Directorate and 185 cases to the CBI in order to enable them to probe other financial crimes.