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Taxmen net hidden income of Rs 90,000cr in 2013-14

Hyderabad, Aug 22 (PTI) : The income-tax authorities tracked down undisclosed income adding up to Rs 90,000 crore during searches and surveys done during 2013-14, the chairman of the Central Board of Direct Taxes (CBDT) said here Friday.

K.V. Chowdary, who took over as chairman on August 1, said the net income tax collection during the first four months added up to a little over Rs 1.51 lakh crore, after accounting for refunds of nearly Rs 54,000 crore.

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

Chowdary, who was member (investigation) of the CBDT before becoming the chairman, said the department is implementing various data warehouse and business intelligence projects that will enable identification of new taxpayers and also deepen the tax base.

He said India has 3.5 crore taxpayers, of which 2.97 crore are filing their returns electronically.

During the current fiscal, about 1.51 crore returns have been ‘e-filed’, an increase of 13 per cent compared with last year.

The direct-tax collection target for 2014-15 is Rs 7.36 lakh crore, an increase of 15 per cent on the previous year’s collections.

“The net collections as on date are Rs 1,51,154 crore after accounting for refunds of Rs 53,936 crore,” Chowdary said.

He said they are confident of achieving the fiscal target by promoting voluntary compliance.

Chowdary said the department has so far identified 22 lakh people who were supposed to file income-tax returns but failed to do so.

He said tax amount to the extent of over Rs 3 lakh crore got stuck in various courts and appellate authorities across the country, prompting them to increase manpower to counter the challenges in the legal forums.