13000 Cr black money found by IT Dept
posted on Jun 27, 2016 @ 11:37AM
The Income Tax authorities have unearthed more than Rs 13,000 crore, as a result which yielded from the crackdown by the Government on those who are saving their undeclared income in overseas bank accounts. This was possible from just two sets of information received in 2011 and 2013. The details were received from the French government in 2011, and the unaccounted for income amounts to Rs 8,186 crore. Based on another set of information disclosed in 2013 I-T officials have detected undisclosed income of Rs 5,000 crore in foreign bank accounts allegedly linked to 700 Indians. This is the highest ever disclosure from offshore bank accounts.