Quick Summary
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
Daily Limit Reached
You have reached your daily limit of 2 Free News
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Community
- Daily E-Newsletter
- Unlimited News Access
- Profile Visitors
- Link Social Profiles
- Featured Job Posts
- Pro Badge
- Expert GST Guidance
- Unlimited Forum Replies
- Download Content in PDF
1 Year PLAN
1999
(Excl. of GST ₹359)
BEST VALUE
2 Years PLAN
3499
(Excl. of GST ₹629)
3 Months PLAN
999
(Excl. of GST ₹179)
View all CCI PRO benfits
Already a PRO member? Login here for an ad-free experience.
FAQ :
The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, was enacted to specifically address and more effectively deal with black money stashed away abroad, introducing stringent penalties and making tax evasion a scheduled offence under the Prevention of Money-laundering Act.
As of May 31, 2021, undisclosed income detected includes approximately Rs 8,465 crore in HSBC cases, Rs 11,010 crore in ICIJ cases, Rs 20,078 crore in Panama Papers leaks, and Rs 246 crore in Paradise Papers leaks.
Assessment orders passed under the Black Money Act have resulted in a demand of Rs 8,216 crore as of May 31, 2021.
The Income Tax Department takes actions such as searches, surveys, enquiries, assessment of income, levy of tax and interest, penalties, and filing of prosecution complaints in criminal courts where applicable.
India has proactively engaged with foreign governments for information exchange under DTAAs/TIEAs and is a leading force in the Automatic Exchange of Information regime based on the Common Reporting Standard, which commenced in 2017.
Yes, more than 107 prosecution complaints have been filed under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.
CAclubindia
