Home » Finance » Unearthing of Black Money 

Unearthing of Black Money 

            The Income-tax Department (ITD) takes appropriate action against black money which is an on-going process.  Such action under the Direct Tax laws includes searches, surveys, enquiries, assessment of income, levy of penalties and filing of prosecution complaints before criminal courts, wherever applicable.

Moreover, recognizing the limitations of the Income-tax Act, 1961 etc. in dealing with black money stashed abroad, the Government of India enacted a comprehensive and a more stringent new law namely ‘The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015’ that has come into force w.e.f. 01.07.2015. It provides for separate taxation of undisclosed foreign income and assets. Most importantly, apart from providing more stringent provisions for penalty and prosecution, for the first time, this law has included the offence of wilful attempt to evade tax etc. in relation to undisclosed foreign income/assets as a Scheduled Offence under the Prevention of Money-laundering Act, 2002 (PMLA).

The details of prosecution proceedings initiated by the ITD under the relevant provisions of the Income Tax Act, 1961, during the last three F.Y.s are as under:-

 

Financial Year No. of cases in which prosecution complaints filed Cases compounded No. of persons convicted
1 2 4 5
2015-16 552 1019 28
2016-17 1252 1208 16
2017-18 4527 1621 68

 

            The details of search & seizure and surveys conducted by the Income Tax Department in the last three F.Y.s are as under:

 

Search and seizure:

Financial Year Number of groups searched Total assets seized (In Rs. crore) Undisclosed income admitted u/s 132(4) of the Income-tax Act, 1961 [in Rs. crore]
2015-16 447 712.32 11226
2016-17 1152 1469.62 15497
2017-18* 581 997.17 15755

*Figures are provisional

 

Surveys:

Financial Year No. of surveys conducted Undisclosed income detected (in Rs. crore)
2015-16 4428 9700
2016-17 12520 13690
2017-18 13547 9638

This was stated by Shri Shiv Pratap Shukla, Minister of State for Finance in written reply to a question in Rajya Sabha.

About Indianindustry Media

Leave a Reply

Your email address will not be published. Required fields are marked *

*

x

Check Also

Finance Minister announces short term and long-term measures for supporting the poor, including migrants, farmers, tiny businesses and street vendors

Hon’ble Prime Minister announced a Special economic and comprehensive package of Rs 20 lakh Crore ...

Index Numbers of Wholesale Price in India (Base: 2011-12=100) for April, 2020

The Office of Economic Adviser, Department for Promotion of Industry and Internal Trade is releasing ...

Finance Minister announce measures for relief and credit support related to businesses, especially MSMEs to support Indian Economy’s fight against COVID-19

During the press conference here today, Union Minister of Finance & Corporate Affairs Smt. NirmalaSitharaman ...

Quick Estimates of Index of Industrial Production and Use-Based Index for the month of March, 2020 (Base 2011-12=100)

The Quick Estimates of Index of Industrial Production (IIP) is released on 12th of every month ...

Task Force on National Infrastructure Pipeline presents its Final Report to Finance Minister Smt. Nirmala Sitharaman

The Task Force on National Infrastructure Pipeline (NIP) submitted its Final Report on NIP for FY ...

E-mails for facilitating faster refund can not be misconstrued as harassment: CBDT

The Central Board of Direct Taxes (CBDT) responding to some observations being circulated on social ...

Quick estimates of Index of Industrial Production and use-based Index for the month of January, 2020 (Base 2011-12=100)

The Quick Estimates of Index of Industrial Production (IIP) with base 2011-12 for the month ...

Major Port Authorities Bill 2020 Introduced in The Loksabha

Major Port Authorities Bill 2020 was introduced in the Loksabha by the minister of state ...

Parliament Passes The Mineral Laws (Amendment) Bill, 2020

Parliament passed The Mineral Laws (Amendment) Bill, 2020 for amendments in Mines & Mineral (Development ...

Exchange Rate Notification

In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 ...

WP2Social Auto Publish Powered By : XYZScripts.com