Home National Rs 100 cr black money: I-T raids at 50 locations across India

Rs 100 cr black money: I-T raids at 50 locations across India

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The Income Tax department today conducted searches at over 50 locations across the country as part of its crackdown against tax evasion to the tune of over Rs 100 crore, its first major action after the black money disclosure window of PMGKY ended recently.

Officials said the first set of raids are being conducted against an Ahmedabad-based real estate and infrastructure players. Tax sleuths, they said, have visited 30 locations in cities like Rajkot, Mumbai, Delhi, Hyderabad and Ahmedabad as part of this action and multiple entities and people have been brought under the action.

This is the first major I-T action after the black money window of the Pradhan Mantri Garib Kalyan Yojna (PMGKY), announced by the government for stash holders to come clean post demonetisation, came to a close on March 31.

The window had allowed black money holders to declare their illegal wealth by a paying a tax and penalty of about 50 per cent on the undisclosed income.

A similar search has also been conducted in at least 19 locations in and around Pune against a corporate group engaged in processing and trading of agricultural commodities.

The collections and declarations under the PMGKY have not been as huge and enthusiastic for the department as the similar black money window of Income Disclosure Scheme (IDS) that had fetched Rs 67,382 crore worth of disclosures.

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