Several Crores Rupees!Systemic measures by Government Under Black Money Act Yields Results
In the recent years, the Government has taken a number of measures to bring back the black money stashed abroad ‘The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015’. This was stated in a written reply by Union Minister of State for Finance Shri Pankaj Chaudhary to a question in Lok Sabha today.
The Minister stated that as a result of systematic actions by the Government, the following results have been achieved as on 31.05.2021:
As on 31.05.2021, assessment orders under section 10(3)/10(4) of the Black Money Act, 2015 have been passed in 166 cases, wherein demand of Rs. 8,216 crore has been raised.
- Undisclosed income of Rs. 8,465 crore (approx.)has been brought to tax and penalty of Rs. 1,294 crore has been levied in HSBC cases.
- Undisclosed income of Rs. 11,010 crore (approx.)has been detected in ICIJ (International Consortium of Investigative Journalists) cases.
- In the Panama Papers Leaks cases, undisclosed credits of Rs. 20,078 crore (approx.)have been detected.
- In the Paradise Papers Leaks cases, undisclosed credits of Rs. 246 crore (approx.)have been detected.
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Read more at: https://pib.gov.in/PressReleasePage.aspx?PRID=1739186
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- 28 Jul 2021
- WerIndia
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