Latest news with #UndisclosedForeignIncomeandAssets)andImpositionofTaxAct
Indian Express
4 hours ago
- Business
- Indian Express
Recovery amount at Rs 338 crore: Govt raised tax demand of Rs 35,104 crore under foreign black money law over last 10 years
The government has raised tax demand of Rs 35,104 crore under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 over the last decade, Minister of State for Finance Pankaj Chaudhary said in Rajya Sabha on Tuesday. However, recovery amount in the form of tax, penalty and interest demand under the Act has been much lower at Rs 338 crore during July 1, 2015 to March 31, 2025 along with 163 prosecution complaints filed till March 31, 2025, data shared in the Upper House showed. In a written response to a question by CPI(M) MP John Brittas, wherein he asked about details of international deposits, Chaudhary said tax demand of Rs 21,719 crore has been created as a result of completed assessments under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 during July 1, 2015 to March 31, 2025. In addition, tax demand of Rs 13,385 crore has been raised till March 31, 2025 on account of penalties imposed under various sections of the Act. On the question of whether Indian-linked funds in Swiss banks surged more than three times the previous year's amount, Chaudhary said there are some media reports based on Swiss National Bank (SNB) statistics which mention that Indian linked funds in Swiss banks have risen in 2024 as compared to previous year's amount. However, Chaudhary, pointed out that as per Swiss authorities, the data in respect of SNB statistics includes, inter alia, amounts due in respect of customer deposits (including in foreign branches of Swiss Banks located in any country), other liabilities as well as amounts due to banks. 'The Swiss authorities have also clarified that the SNB annual banking statistics should not be used for analysing deposits held by residents of India in Switzerland,' he said. Indian money in Swiss banks more than tripled in 2024 to 3.5 billion Swiss francs (CHF), or approximately Rs 37,600 crore on the back of a huge jump in funds held through local branches and other financial institutions, news agency PTI had reported last month. On the query to provide details of outstanding tax demand raised from the data shared with India via Automatic Exchange of Information under India-Switzerland tax agreement, the Minister said there is no centralised data for the specific query on country-wise undisclosed foreign income and the action taken. 'Tax demand arising in cases of undisclosed foreign income or assets can pertain to multiple jurisdictions. Country-wise bifurcation of such demand is not maintained centrally,' Chaudhary said. For details and status of enquiries conducted regarding Swiss holdings, the Minister said such enquiries are conducted on a case-by-case basis by the jurisdictional authorities. 'Whenever any instance of tax evasion is detected, appropriate action under Direct Tax Laws, including searches, surveys, enquiries, assessment of income, levy of taxes, penalties, as well as filing of prosecution complaints in criminal courts, as may be applicable, is taken,' he said. Replying to the question about the steps taken to recover unpaid taxes, penalties, or interest by Indian citizens or entities holding Swiss deposits, Chaudhary said the Income Tax Department has established a mechanism for recovery of demand that consists of outstanding tax, penalty and interest as per the provisions of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, which apply to cases of undisclosed foreign income and assets in any country abroad. Such taxes, penalties and interest form part of the total tax liability of each assessee and is recovered in accordance with law, he said. Aanchal Magazine is Senior Assistant Editor with The Indian Express and reports on the macro economy and fiscal policy, with a special focus on economic science, labour trends, taxation and revenue metrics. With over 13 years of newsroom experience, she has also reported in detail on macroeconomic data such as trends and policy actions related to inflation, GDP growth and fiscal arithmetic. Interested in the history of her homeland, Kashmir, she likes to read about its culture and tradition in her spare time, along with trying to map the journeys of displacement from there. ... Read More
Hans India
7 days ago
- Business
- Hans India
Black Money Law: Govt raises over Rs 35K cr tax demand
New Delhi: The government has raised tax and penalty demand of over Rs35,105 crore and filed 163 prosecution complaints till March 31 under the foreign black money law, Parliament was informed on Tuesday. 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.
Time of India
22-07-2025
- Business
- Time of India
Foreign black money law: Govt files 163 prosecution complaints; raises Rs 35,105 cr tax, fine demand
The government has levied over Rs 35,105 crore in tax and penalties and filed 163 prosecution complaints under the Black Money Act by March 31, 2025. Approximately Rs 338 crore has been recovered in tax, penalties, and interest between July 1, 2015, and March 31, 2025. Assessments of 1021 have been completed under the Act. Tired of too many ads? Remove Ads New Delhi: The government has raised tax and penalty demand of over Rs 35,105 crore and filed 163 prosecution complaints till March 31 under the foreign black money law , Parliament was informed on of State for Finance Pankaj Chaudhary said under the Black Money ( Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, the government has recovered Rs 338 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 Rs 35,105 crore approximately and total 163 prosecutions complaints have been filed," Chaudhary said in a written reply to Rajya tax demand gets crystallised conclusively when appeals, if any, before CIT(A), ITAT, High Court and Supreme Court are 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 receives information about foreign assets and income from over 100 foreign tax jurisdictions, Chaudhary added.
