The Income Tax Department collected Rs 2,476 crore by way of tax and penalty under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 after 648 disclosures involving foreign assets worth Rs 4,164 crore were made during a one-time three-month long compliance window, the Ministry of Finance said in a written reply in Lok Sabha on Monday.
The one-time compliance window closed on September 30, 2015, and as of November 30, 2022, the ITD had completed assessments in 394 of these cases under the Black Money Act, raising a tax demand of over Rs 15,570 crore.
Furthermore, 125 prosecution complaints had been filed under the provisions of the BMA 2015.
Under the Prevention of Money Laundering Act, 2002 (PMLA), the ED has also attached/seized proceeds of crime amounting to Rs 42.57 crore in 13 cases and three prosecution complaints.
It also seized assets amounting to Rs 93.07 crore in five cases under section 37A of the Foreign Exchange Management Act, 1999.
The minister noted that "black money" was not defined under the Income Tax Act, 1961, Customs Act, 1962, CGST Act, 2017, Central Excise Act, 1944 and erstwhile Chapter V of Finance Act, 2017 (related to Service Tax).
He added that there is no official estimation or methodology to define/measure the amount of black money in the country. However, the government has commissioned a study, inter alia, to estimate the amount of unaccounted income and wealth inside and outside the country.
In an another press release, the minister identified that demonetisation, inter alia, had led to the detection of black money, increase in tax collection and widening of the tax base.
ALSO READ | Coal levy 'scam': ED attaches fresh benami assets of Chhattisgarh CM's deputy secy, coal trader
The BMA 2015, which went into effect on July 1, 2015, is a "comprehensive and stringent new law" enacted by the government, Chaudhary wrote.
Explaining the role of the ITD, the minister said that it searches and seizures operations whenever any credibly information of "direct-tax" evasion comes to its notice to bring undisclosed income to tax.
The ED, on the other hand, is responsible for the identification of proceeds of crime generated, provisional attachments and filing of prosecution complaints when an offence of wilful attempt to evade tax in relation to undisclosed foreign income/assets under the PMLA is identified.
(Edited by : Pradeep John)
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
10% discount on fare on Mumbai Metro lines 2 and 7A on May 20
May 3, 2024 2:40 PM
'Rahul Gandhi deserted Amethi due to fear of Smriti Irani': How BJP plans to puncture Congress' UP plan
May 3, 2024 1:12 PM