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IT Dept finds Rs 1 lakh Crore worth unreported high value transactions

New Delhi: The Income Tax (IT) department has found three lakh unreported transactions in the financial year 2017-18. According to reliable sources, the value of these transactions detected is more than Rs. one lakh crore.

The Directorate of Intelligence and Criminal Investigation Department of Income-tax has played the pivot role in finding these unreported transactions.

Reportedly, the Directorate of Intelligence and Criminal Investigation has done more than 800 surveys on co-operative banks, NBFCs, authorised dealer, foreign exchange dealers, sub-registrars, jewellers, and hospitals.

According to rules by the IT Department, these institutions need to report 'High-value transaction' under section 285BA of the Income-tax Act, 1961 to the Directorate of Intelligence and Criminal Investigation Department of Income tax.

This department had done a detailed survey of the above institutions and the result of the survey was surprising.

The number of unreported transaction detected in specified financial transaction verification survey is three lakh, which is three times higher than the FY 2016-2017 numbers.

Further, the value of the unreported transactions shot up more than five times in a year, IT sources revealed.

The report said that the value of unreported transaction detected in FY 2017-18 is Rs. 1.03 lakh crore as compared to FY 2016-17 which was just Rs. 16, 240 crores.

Also, according to the report, more than 800 surveys were done by the Directorate of Intelligence and Criminal Investigation.

"We have completed our survey and found that they were not reporting the high-value transactions. We had taken action against them under section 277 and 277A of IT Act. We had given time to many of them to file revision in the reasonable time frame. Some of them who didn't respond with supportive documents, we had also started prosecution for false statement and helping in tax evasion. Also, we have penalised many of them whose transaction were found suspicious and were unable to submit proof," IT sources revealed.

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