I-T seizure mop up doubles to ₹1,469 cr

The Income Tax department seized cash and jewellery worth ₹1,469.42 crore in 2016-17, which was almost double the value of assets it confiscated the previous year, official data revealed.

In 2015-16, it had seized cash and jewellery worth ₹712.68 crore.

The department, which has intensified its drive against black money hoarders, carried out 1,152 searches the previous year. More than 900 of these raids were conducted during November-March, the period that coincided with Modi government’s demonetisation exercise.

About ₹1,000 crore were seized during the same five month period. From April to June this year, illegal cash worth ₹103.02 crore has been seized by the I-T department.

In 2016-17, taxmen filed as many as 1,252 prosecution com-

IN 201617, TAXMEN FILED AS MANY AS 1,252 PROSECUTION PLAINTS AS COMPARED TO 552 THE PREVIOUS YEAR

plaints as compared to 552 in 2015-16.

“The tax department intensified its searches after the closure of the four-month window of the Income Disclosure Scheme, which allowed people to come clean with their illegal money in September,” a senior finance ministry official told Hindustan Times on the condition of anonymity.

Central Board of Direct Taxes chairman Sushil Chandra has maintained that his department has zero tolerance towards tax cheats and would work towards expanding the tax base.

The I-T department is also mining data gathered by the Financial Intelligence Unit (FIU) to identify big-spenders who are still outside the tax net.