Vibrant Gujarat has 14 % undisclosed income of India

Gujarat accounts for 14% of the total undisclosed income generated in the country., says DNA

This was revealed in the recent all-India figures for unaccounted income for the financial year 2011-12. The state accounted for Rs1,250 crore of the Rs9,200 crore disclosed. The Income Tax (I-T) department carried out 24 searches on 30 groups in the state, which resulted in Rs72.05 crore worth of seizures.
I-T sleuths also zeroed in on four foreign accounts of two groups in Baroda and Rajkot. Details of these accounts with HSBC Bank were provided by the Centre. According to sources in the department, these foreign accounts resulted in disclosure of Rs135 crore of income and they are likely to get Rs40 crore by way of tax on the same. These groups told I-T officials that the income was earned abroad but they failed to explain the source of the income. Assets worth Rs30 crore were also seized from the two groups.

2 thoughts on “Vibrant Gujarat has 14 % undisclosed income of India

  1. Pingback: India’s Young Social Reformer: Mittal Patel | media laundry- @Dhobitalao

  2. Pingback: PHFI – STEPS Media Fellowship for print media journalists in Gujarat | media laundry- @Dhobitalao

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