Business Desk mumbai

The Income Tax department has conducted 465 surveys, leading to detection of undisclosed income of Rs 30,444 crore in FY 2024-25, Parliament was informed on Tuesday. Minister of State for Finance Pankaj Chaudhary in a written reply in the Rajya Sabha said whenever any credible information of 'direct tax' evasion comes to its notice, it takes suitable actions, including surveys, search and seizure operations, assessments, to bring to tax, the undisclosed income.

During FY25, a total of 465 surveys were conducted, which led to detection of undisclosed income of Rs 30,444 crore. In FY24 and FY23, 737 and 1,245 surveys were conducted by the I-T department and undisclosed income of Rs 37,622 crore and 9,805 crore, respectively, were detected. The total number of groups searched during FY25 stood at 1,437 and assets seized stood at Rs 2,504 crore. 

The government, of course, is trying to stop the flow of black money into undeclared bank accounts through various plans and sophisticated projects. However, experts urge the authorities to further strengthen the ongoing efforts by addressing the devastating effects of black money, and boost the governance of national institutions. 

“Presence of black money will have a debilitating effect on the institutions of governance and conduct of public policy in a country. The government should speed up its policies to root out the evil of corruption and black money from the foundations of the society,” sociology experts said.