The government crackdown on black money has led to detection of undisclosed income of over 16 thousand crore rupees since March 2014, while assets worth 1,200 crore have been seized. Revenue Secretary Hasmukh Adhia told this to news agency PTI today. <br/><br/>He said the measures included a one-time 90-day window to come clean on undisclosed wealth, which led to declarations worth over 4,160 crore rupees. Adhia said the government is expecting 2,500 crore rupees as tax and penalties by the end of this month. <br/><br/> Articulating steps taken by the government to curb blackmoney, the Secretary said the requirement of mandatory furnishing of PAN for money transactions above certain limits is a way of making people report their income legitimately. In addition, the government will initiate enforcement action in a big way in those cases where it gets definite information.
News On AIR | December 23, 2015 5:42 PM
Over Rs 16,000-cr undisclosed income detected in 20 months