Black Money Law: Govt raises over Rs 35K cr tax demand
Minister of State (MoS) for Finance Pankaj Chaudhary said under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, the government has recovered Rs338 crore towards tax/penalty/interest between July 1, 2015 and March 31, 2025.
'Till March 31, 2025, 1021 assessments have been completed under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, raising tax and penalty demand of over Rs35,105 crore approximately and total 163 prosecutions complaints have been filed,' Chaudhary said in a written reply to Rajya Sabha.
The tax demand gets crystallised conclusively when appeals, if any, before CIT(A), ITAT, High Court and Supreme Court are decided.
Under the Black Money Act, 2015, it is mandatory for assesses to disclose all foreign assets and income in specified schedules while filing I-T returns. Any non-disclosure attracts a penalty. India receives information about foreign assets and income from over 100 foreign tax jurisdictions, Chaudhary added.
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