Cash seizures by tax authorities during searches almost doubled in financial year 2008-09

• Thursday, December 24, 2009, 1:48
• Income Tax

Cash seizures by tax authorities during searches on evaders nearly doubled to Rs 400 crore in 2008-09 fiscal, while the size of total assets impounded grew by half to Rs 625 crore, says an official report. The department conducted searches on 429 groups, mostly real estate companies, across the country during 2008-09.

The tax department also found undisclosed income of Rs 4,613.06 crore during the fiscal, a growth of 10.88 per cent, a report of the Central Board of Direct Taxes (CBDT) said.

The highest number of searches conducted pertained to real estate sector, followed by manufacturing and gems and jewellery sectors.

According to the report, searches on the educational sector saw a growth of 80 per cent with 18 search operations during 2008-09 compared to ten such cases during 2007-08.

Related posts:

1. IT seizures up 4.5 times in Gujarat in comparison to last year
2. Income Tax returns received in financial year 2008-09 will be processed up to March 31 2010
3. 5 Steps to prevent income tax raids, searches and seizures
4. Cost Inflation Index for FY 2008-09 / AY 2009-2010
5. Rates for deduction of income-tax at source from certai incomes during the financial year 2008-2009.

Tags: tax authorities

2 Comments on “Cash seizures by tax authorities during searches almost doubled in financial year 2008-09”

• Abhinav Agarwal wrote on 24 December, 2009, 4:36

  i m a follower of taxguru.com.
  i have a complaint to make. Whenever i visit the site to enhance my knowledge by reading ur article the ads ( ING life insurance etc. ) appear on the front of the written content because of which it becomes impossible to read the content. There is no option to hide the advertisment and hence a person has no option but to quit . I request the management to please do something at the earliest as i love to read articles on ur site.
• Sandeep Kanoi wrote on 24 December, 2009, 10:10

  Dear Abhinav,

  First I would like to thank you for being a follower of our website. As Regards advertisement we have to say that as its a free site so we need some cash to keep you updated. Through these sponsors we got some cash which we spend on keeping the website updated. In future we will try to run the website without advertisement but currently we don’t have any option but to display the advertisements. hey by the way our site address is taguru.in not the taxguru. com

Write a Comment