The Parliamentary Standing Committee on Finance, in its report, said, "The unaccounted income and wealth inside and outside the country does not appear amenable to credible estimation in the context of India".
Unaccounted wealth outside the country held by Indians was estimated in the range of USD 216.48 billion to USD 490 billion over various periods between 1980 and 2010, according to three separate studies conducted by three premier institutes -- NIPFP, NCAER and NIFM.
The RBI has admitted that it has no details of any irregularities or scams in the exchange of the demonetised currency notes of Rs 500 and Rs 1,000 by the cooperative banks, a reply under RTI revealed on Monday.
Following the demonetisation drive, India's Income Tax Department has detected undisclosed income of over Rs 4,807 crore and seized new notes worth Rs 112 crore, an official source here said on Sunday.
In a massive crackdown on black money hoarders across the country, the Income Tax Department has detected over Rs 4,663 crore of undisclosed income post the demonetisation of two high-value currencies by the government.
the Income Tax Department, based on estimates that unaccounted money worth Rs 4 lakh crore may have flown into bank accounts post demonetisation, is gearing up to serve notices to those who cannot explain the source of the money. the Income Tax Dep
Banks have collected Rs 14 lakh crore of the Rs 15.4 lakh crore worth of Rs 500 and Rs 1,000 notes that were scrapped as a result of Prime Minister Narendra Modi’s November 8 declaration.
the I-T sleuths were left stunned to discover deposits totalling Rs 7 crore in old notes in a bank account of an Uber cab driver from Hyderabad.
Over Rs 3,300 crore of undisclosed income has been detected while Rs 92 crore worth new notes have been seized till now by the Income Tax department as part of its country-wide operations against black money hoarders post the demonetisation drive.
Ever since the government’s announcement of currency demonetisation on November 8, the Income Tax department has carried out a record number of searches across the country digging out enormous amount of ‘unaccounted wealth’.
the Income Tax department has expanded its scope of investigation beyond tax invasion by roping in the police, the CBI and the Enforcement Directorate (ED) to look for possible criminality and money laundering.
Few days after the government stopped the exchange of scrapped 500 and 1000-rupee notes, the Income Tax department raided a caterer in Mumbai and recovered over Rs 80 lakh in new notes and over Rs 40 lakh in withdrawn notes.
The government on Sunday revised upwards the amount of black money disclosed under Income Declaration Scheme (IDS) to Rs 67,382 crore, even as it did not take into account two high-value disclosures.
Mahesh Shah, who came under the microscope of the Income Declaration Scheme (IDS) post a surprising disclosure Rs 13,860 crore in unaccounted wealth, seems to have taken a U-turn as he today said he was
Income Tax department has found that around Rs 40 crore was deposited in scrapped 500 and 1000-rupee notes at the Kashmere Gate branch of Axis Bank in New Delhi.
The income tax department has decided to impose charges under the newly enforced Benami Transactions Act against people depositing their unaccounted old currency in someone else's bank account. The act carries a penalty, prosecution and
Opposition Congress and NCP today demanded the sacking of Maharashtra Cooperative Minister Subhash Deshmukh amid reports of seizure of Rs. 91 lakh from vehicle belonging to the minister.
New Delhi : Unaccounted cash totalling Rs.260 crore has been seized till Tuesday in the ongoing Lok Sabha election, the Election Commission said here.Andhra Pradesh tops the list with Rs.129 crore seized so far, while
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