Income Tax dept detected Rs 30,444 cr undisclosed income, conducted 465 surveys in FY25
Income Tax department
has conducted 465 surveys, leading to detection of
undisclosed income
of Rs 30,444 crore in the 2024-25 fiscal year,
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.
Productivity Tool
Zero to Hero in Microsoft Excel: Complete Excel guide
By Metla Sudha Sekhar
View Program
Finance
Introduction to Technical Analysis & Candlestick Theory
By Dinesh Nagpal
View Program
Finance
Financial Literacy i e Lets Crack the Billionaire Code
By CA Rahul Gupta
View Program
Digital Marketing
Digital Marketing Masterclass by Neil Patel
By Neil Patel
View Program
Finance
Technical Analysis Demystified- A Complete Guide to Trading
By Kunal Patel
View Program
Productivity Tool
Excel Essentials to Expert: Your Complete Guide
By Study at home
View Program
Artificial Intelligence
AI For Business Professionals Batch 2
By Ansh Mehra
View Program
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.
Live Events
The total number of groups searched during FY25 stood at 1,437 and assets seized stood at Rs 2,504 crore.
In FY24, 1,166 groups were searched leading to total
asset seizure
of Rs 2,555 crore. In FY23, Rs 1,766 crore assets were seized following searches in 1,437 groups.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
14 minutes ago
- Time of India
Apple drops $100B US manufacturing bomb—Trump, Cook announce $600B total plan as Wall Street goes wild
Apple has just taken a massive step forward in boosting U.S. manufacturing. The tech giant announced it will invest another $100 billion in the United States. This new commitment brings Apple's total planned investment to a staggering $600 billion over the next four years. Apple CEO Tim Cook joined President Donald Trump at the White House to make this big announcement, which has sent Apple's stock soaring on Wall Street. What does Apple's $600 billion US investment really mean? Apple's $600 billion investment plan isn't just a number—it's a major push to bring more manufacturing back to the U.S. The new $100 billion addition is part of Apple's ambitious American Manufacturing Program (AMP) . This program aims to expand Apple's supply chain and production capabilities on American soil, including advanced manufacturing processes. The move is designed to reduce Apple's reliance on overseas manufacturing and create more high-tech jobs in the U.S. Productivity Tool Zero to Hero in Microsoft Excel: Complete Excel guide By Metla Sudha Sekhar View Program Finance Introduction to Technical Analysis & Candlestick Theory By Dinesh Nagpal View Program Finance Financial Literacy i e Lets Crack the Billionaire Code By CA Rahul Gupta View Program Digital Marketing Digital Marketing Masterclass by Neil Patel By Neil Patel View Program Finance Technical Analysis Demystified- A Complete Guide to Trading By Kunal Patel View Program Productivity Tool Excel Essentials to Expert: Your Complete Guide By Study at home View Program Artificial Intelligence AI For Business Professionals Batch 2 By Ansh Mehra View Program Apple plans to work with many American companies such as Corning, Coherent, Applied Materials, Texas Instruments, and Broadcom to build key parts and materials domestically. One standout deal is the $2.5 billion investment with Corning to produce 100% of iPhone and Apple Watch glass in Kentucky. This facility will feature the world's largest and most advanced smartphone glass production line and an Apple-Corning Innovation Center. How will this impact jobs and the American economy? This massive U.S. investment isn't just about products; it's about people and jobs. Apple is set to hire around 20,000 new employees in the U.S. over the next four years. These hires will be focused on research and development, silicon engineering, software development, and artificial intelligence—all cutting-edge areas. This move is expected to give a real boost to the American economy, particularly in manufacturing sectors that have seen decline over the years. With more advanced manufacturing happening domestically, Apple hopes to build a resilient supply chain that can withstand global disruptions. The initiative also aligns closely with President Trump's 'America First' economic policies, which emphasize growing U.S.-based production and reducing dependence on foreign suppliers. Live Events Why is Apple investing so heavily in US manufacturing now? There are several reasons behind Apple's big investment push in the U.S. For one, global trade tensions and tariffs have made overseas manufacturing more complicated and expensive. By increasing production in the U.S., Apple can avoid some of these trade-related costs and risks. Moreover, customers and governments worldwide are paying more attention to supply chain security and sustainability. Bringing manufacturing closer to home helps Apple improve oversight and reduce its environmental footprint. Finally, investing in American manufacturing supports innovation, as close collaboration between engineers and factory workers accelerates new product development. How did the stock market respond to Apple's announcement? Wall Street responded enthusiastically to Apple's news. The company's stock price jumped nearly 5%, adding roughly $140 billion to its market value in just one day. Investors see Apple's plan as a smart way to secure its supply chain, avoid tariffs, and tap into the growing push for domestic production. This stock surge reflects confidence in Apple's leadership and long-term strategy. It also shows that the market values companies willing to invest big in U.S. manufacturing and innovation, especially amid ongoing global economic uncertainties. What does this mean for Apple's global supply chain strategy? While Apple is ramping up its U.S. manufacturing, it's not abandoning its global supply chain. Instead, the company aims to balance production across different regions. By diversifying where products and components are made, Apple can better handle disruptions like those caused by the pandemic or geopolitical tensions. The new American Manufacturing Program adds an important layer of resilience to Apple's operations, making the supply chain more flexible and secure. This strategy keeps Apple competitive in a world where manufacturing agility is more important than ever. FAQs Q: What is Apple's American Manufacturing Program? A: It's Apple's $600 billion plan to expand manufacturing and supply chains in the U.S., creating jobs and building advanced facilities. Q: How did Apple's stock react to the investment announcement? A: Apple's stock jumped nearly 5%, reflecting strong investor confidence in the company's U.S. growth plans. Economic Times WhatsApp channel )
Time of India
25 minutes ago
- Time of India
Vacant Land Tax Committee to recover over Rs 870 crore tax dues in Vijayawada
Vijayawada: Aiming to enhance the tax collection revenue, the NTR district administration has constituted a Vacant Land Tax Committee (VLTC) to collect pending vacant land tax dues from tax payers within Vijayawada Municipal Corporation (VMC) limits. The VLTC will comprise of the revenue wings from both VMC and NTR district administration along with town planning of VMC and district stamps and registration department personnel. It was found that despite Rs 237 crore vacant land tax demand, the civic body managed to collect only Rs 19 crore, totalling a mere 8.18% out of the total vacant land tax from tax payers in the previous 2024-25 financial year in the city. The VMC has around 15,000 vacant land tax assessments across the 64 divisions under three circles in the city. "The vacant land tax collection remains low due to the unavailability of the whereabouts of the original owners. Majority of the taxpayers reside in other places thus tracking and tracing of these vacant land owners is not possible for the municipal corporation personnel due to which the vacant land collection dues are mounting in the VMC," a senior municipal corporation official told TOI. More than Rs 870 crore vacant land tax dues to be paid by the tax payers were pending to the civic body in the last five financial years between 2020-2025, according to VMC records. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Family Adopted A New 'Dog', But When The Vet Sees It He Calls The Police Undo "With the help of the revenue department officials including VROs, MROs, and sub registrars the address details of the tax payers will be identified secretariat wise across all secretariats. Notices will be served to top 10 tax payers identified under each secretariat," the VMC official said and added that initially the identification of tax defaulters exercise will begin from those secretariats which are having least number of tax defaulters. The official added that the ward secretariat staff of the municipal corporation will be handed over to the revenue and stamps and registration department personnel to find out their address details.
Time of India
25 minutes ago
- Time of India
Disclose solar power price supplied to other states, HC tells SECI
Vijayawada: The high court on Wednesday directed Solar Energy Corporation of India (SECI) to disclose the price of solar power at which it was supplying to other states, at the time it entered into an agreement to supply power to Andhra Pradesh at Rs 2.49 per unit. The court also directed to place the orders of Andhra Pradesh Electricity Regulatory Commission (APERC) approving the unit price quoted by SECI. CPI state secretary K Ramakrishna and then TDP MLA and present finance minister Payyavula Keshav filed separate PILs in the high court challenging the agreement made by the then YSRCP govt with SECI for supply of 7,000 MW of solar power at Rs 2.49 per unit. The counsel for the petitioner argued that SECI made an agreement to supply solar power at Rs 2.49 per unit with AP, but the same SECI made an agreement with Gujarat govt for supply of solar power at Rs 1.99 per unit. The counsel further said that the power purchase price should be derived through tender route according to the Electricity Act but it was not followed while entering into an agreement with SECI. Arguing on behalf of the state govt, advocate general Dammalapati Srinivas said the high court has allowed APERC to decide the unit price and it has approved the price quoted by SECI. The petitioners can challenge the decision of APERC if they have any grievances on the same. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like For all your EV needs ScottishPower Learn More Undo The counsel for SECI submitted that the per unit price of solar power used to be anywhere between Rs 2.52 and Rs 2.61 at the time when it entered an agreement with AP. The unit price offered to AP was the lowest at that time when compared to other states, he stated. Considering the arguments, the high court bench headed by Chief Justice Dhiraj Singh Thakur and Justice Ravi Cheemalapati directed SECI to submit an affidavit with details of prices at which it had made agreements with other states at the time of entering into the agreement with AP.
