(Image source from: Ibtimes.co.in)
IT Dept Seizes Rs 900 Cr Assets:- The Indian Government revealed today that the Income Tax department managed to seize assets that are worth Rs 900 crores till March 2017 after demonetization. The Income Tax department conducted raids and searches across 900 groups during the period of November and March 2017.The undisclosed income of Rs 7961 crores has been admitted revealed Minister of State for Finance P Radhakrishnan. He wrote a reply to Rajya Sabha.
The cases include searches, surveys, assessment of income, levy of tax, penalty and filing of prosecution complaints. The Income Tax Department is all set to take appropriate action on the suitable cases before criminal courts as per their guidelines.The increase in household assets has been noticed with the recent searches and the money has been held in bank deposits, mutual funds and life insurance. The Minister also informed that the government has been taking steps to boost up the GDP growth. Goods and Services Tax (GST) and bank recapitalisation are some among them.