9911796707
| News | |||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Unearthing of Black Money |
|||||||||||||||||||||||||||||||||||||||||||||||||
| 31-7-2018 | |||||||||||||||||||||||||||||||||||||||||||||||||
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, enquiries, 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:-
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:
*Figures are provisional Surveys:
This was stated by Shri Shiv Pratap Shukla, Minister of State for Finance in written reply to a question in Rajya Sabha. |
|||||||||||||||||||||||||||||||||||||||||||||||||
