Rs 1.3 lakh crore undisclosed income brought under tax net post demonetisation: FM Piyush Goyal in Interim Budget 2019

NEW DELHI: Undisclosed income of about Rs 1,30,000 crore has been brought in under tax post demonetisation and anti-black money drives, said Finance Minister Piyush Goyal while presenting the Interim Budget 2019 in the Lok Sabha on Friday.

“The anti-black money measures taken by us during the last four and half years in the form of Black Money  Law, the Fugitive Criminal Offenders Act, and Demonetisation, have brought undisclosed income of about 1,30,000 crore to tax, led to “seizure and attachment of assets worth approximately  50,000 crore, and  compelled holders of large cash currency to disclose their source of earnings,” said Goyal. 

Benami assets worth Rs 6,900 crore and foreign assets worth Rs 1,600 crore have also been attached during this period. 

As many as 3,38,000 shell companies have been detected and de-registered and their directors disqualified, said the FM.

“Growth of 18% in direct tax collection in 2017-18 and increase in tax base by as many as 1.06 crore people filing income tax returns for the first time in FY 2017-18 is mainly on account of demonetization,' added Goyal. 

Among other announcements, the centre announced a full tax rebate on income up to Rs 5 lakh per annum while raising the standard deduction for the same segment to Rs 50,000 from the current amount Rs 40,000. The increase in standard deduction will provide additional tax benefit of Rs 4,700 crore to more than 3 crore salary earners and pensioners.