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Economic Intelligence Council : Real estate, mining best to hide income

Postby s1joshi » Mon Mar 26, 2012 4:36 pm

One dont need to be rocket science expert to know where all the black money has been going.

http://www.indianexpress.com/news/real- ... me/928363/

Real estate, manufacturing, mining, health, education account for over three-quarters of the undisclosed income mop-ped up by Income Tax authorities last year.

An estimated Rs 3,465 crore of undisclosed income was tracked down in these five sectors according to the minutes of a meeting last month of the Economic Intelligence Council.

Real estate topped the list, accounting for more than a third of the detected undisclosed income, followed by 27.09 per cent in the manufacturing sector. While Rs 1,463 crore was seized from real estate companies, Rs 1,179 crore was garnered from the manufacturing sector.

Besides, Rs 644 crore was collected from the mining sector, Rs 102 crore from educational institutions and Rs 77 crore from the medical sector.

The modus operandi used were “unaccounted cash transactions; manipulation of records; understating receipts; inflating expenses; layering of transactions; and use of specialised software”.

Incidentally, the draft report on black money had also identified real estate as “largest part of black money economy”, “generating” as well as “consuming” it.
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