CBDT unearths Rs 90,000 cr in FY '14

CBDT unearths Rs 90,000 cr in FY '14

Undisclosed income to the tune of Rs 90,000 crore was detected during 2013-14 in various searches and surveys conducted by the Income Tax department, a top official from the Central Board of Direct Taxes (CBDT) said on Friday.

Speaking to reporters, K V Chowdary, Chairman of CBDT also said the net income tax collection during the first four months stood at over Rs 1.51 lakh crore after accounting refunds of nearly Rs 54,000 crore.

"The IT Department has conducted surveys in as many as 5,327 cases all over the country during last year and an amount of Rs 90,000 crore of undisclosed income was detected," the official said in a press conference here.

He said the department is in the process of implementing various data warehouse and various Business Intelligence projects which will enable identification of new tax payers and also deepen the tax base. According to him, tax payers in India stood at 3.5 crore out of which around 2.97 crore people are filing their returns electronically.

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