Reportedly, the Income Tax Department has detected around one lakh crore unreported High Value Transactions in the financial year 2017-18. The Directorate of Intelligence and Criminal Investigation Department of Income tax detected the transactions, sources said on Thursday.
According to the report, more than 800 surveys were done by the Directorate of Intelligence and Criminal Investigation on co-operative banks, NBFCs, authorised dealer, foreign exchange dealers, sub-registrars, jewellers, and hospitals.
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.
According to the finding of this report, 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 that five times in an 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 crore.
According to the officer, about 100 to 10,000 cases of unreported high value transactions were found in individual surveys.
