With both the one-time black money declaration windows concluded, the Income Tax department is set to intensify its crackdown against stash holders after a recent case where an IDS participant surrendered a fresh Rs 30 crore of unaccounted wealth to the taxman after raids were conducted against him. In yet another similar case, a Delhi-based lawyer recently disclosed Rs 125 crore of black money to the taxman after searches were conducted against him, post the closure of IDS. Officials said taking into cognisance such cases, I-T sleuths are now expected to intensify their search and seizure operations to unearth as much black money as possible within this fiscal. A huge sum of Rs 65,250 crore in black money was declared through the one-time domestic black money declaration window also known as IDS, marking the biggest-ever disclosure of hidden wealth that will rake in about Rs 30,000 crore in taxes to the exchequer. Last year, under a similar scheme for foreign black money holders, 644 declarations of undisclosed foreign income and assets were received, and just Rs 2,428 crore was collected in taxes.

Source: dna October 23, 2016 07:30 UTC