The Income Tax department has raised demands of Rs 13,566 crore on tax evaders during the last four financial years under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. Tax authorities have also seized assets worth Rs 8,830 crore over the last eight years (2014-15 to 2021-22) from search and seizure operations in 5,931 groups, minister of state for finance Pankaj Chaudhary informed the Lok Sabha on Monday.
“Whenever any instance of unaccounted or black money comes to its notice, the Income Tax Department takes appropriate actions as per the provisions of the Income- tax Act, 1961. Such actions include conducting searches and surveys, assessment of income, levy of tax, imposition of penalty, launching of prosecution,” he said.
Responding to a question, he further said a total of 349 assessment orders were passed under the black money law during the financial years 2018-19 to 2021-22 with a total demand of Rs 13,566 crore.
Also read: How new tax rules from April 1 will impact equity investment, stock, and F&O trading gains in 2023
“648 disclosures involving undisclosed foreign assets worth Rs 4,164 crore were made in the one-time three months compliance window, which closed on September 30, 2015, under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. The amount collected by way of tax and penalty in such cases was about Rs 2,476 crore,” Chaudhary said in response to an unstarred question.
The Act, which came into force from July 1, 2015, prescribes more stringent penal consequences and has included the offence of wilful attempt to evade tax in relation to undisclosed foreign income or assets as a Scheduled Offence under the Prevention of Money Laundering Act, 2002.
