14% undisclosed income is in Gujarat

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

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.

Sources also said that the department had also seized Rs82 lakh from some people during the Mansa by-election, including a farmer. Interestingly, it was the flying squad of the election commission that had tipped off the department about the same.