1. Tax sleuths track down black money worth Rs 13k cr parked abroad

Tax sleuths track down black money worth Rs 13k cr parked abroad

Tax sleuths have tracked down undisclosed income or ‘black money’ to the tune of `13,000 crore parked overseas by Indians, scrutinising information made available from foreign sources, a top finance ministry official told FE on Monday.

By: | New Delhi | Updated: June 28, 2016 7:15 AM
The income tax department has taken action on the holders of these accounts and raised demands, an official said. (PTI) The income tax department has taken action on the holders of these accounts and raised demands, an official said. (PTI)

Tax sleuths have tracked down undisclosed income or ‘black money’ to the tune of `13,000 crore parked overseas by Indians, scrutinising information made available from foreign sources, a top finance ministry official told FE on Monday.

The income tax department has taken action on the holders of these accounts and raised demands, the official added.

The latest crackdown is in addition to undisclosed income of `21,000 crore stashed abroad, as revealed by the finance ministry in a press statement on May 10.

“This (the amount disclosed on May 10) was based on assessment within the country, while another `13,000 crore (black money) is found outside the country,” the official quoted above said.

The finance ministry had said in its May 10 statement that enhanced enforcement measures have resulted in unearthing of indirect tax evasion of `50,000 crore and undisclosed income of `21,000 crore. The value of goods seized on account of smuggling activities has increased to `3,963 crore or 32% in the last two years.

The latest detection of `13,000 crore was based on information provided by France in 2011 and other information available in the international forum.

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