Mega Offer Avail 65% Off in CA IPCC and 50% Off in all CA CS CMA subjects.Coupon- IPCEXAM65 & EXAM50. Call: 088803-20003


Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Actions taken by IT Department against Black Money

Posted on 02 August 2018,    
 9765    Share  Report

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, inquiries, 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

Source: Press Information Bureau

Tags :


Comments



img

Trending Tags