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TMI BlogSignificant Achievements Towards Eliminating Domestic Black MoneyX X X X Extracts X X X X X X X X Extracts X X X X ..... Significant Achievements Towards Eliminating Domestic Black Money X X X X Extracts X X X X X X X X Extracts X X X X ..... the Department of Revenue have achieved phenomenal success in fighting the menace of black money during the last three years. The period has witnessed unprecedented enforcement actions in direct & indirect taxes. While 23064 searches / surveys have been conducted (Income Tax 17525; Customs 2509; Central Excise 1913; Service Tax 1120); more than ₹ 1.37 lakh crore of tax evasion has been dete ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cted (Income Tax 69434; Customs 11405; Central Excise 13952; Service Tax 42727). Simultaneously, criminal prosecutions were launched in 2814 cases (Income Tax 1966; Customs 526; Central Excise 293; Service Tax 29) and 3893 persons were placed under arrest. (Customs 3782; Central Excise 47; Service Tax 64) The Enforcement Directorate intensified its anti money laundering actions by registering 519 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cases and conducting 396 searches. Arrests were made in 79 cases and properties worth ₹ 14,933 crore were attached. The Benami prohibition law which remained in-operative for last 28 years was made operational through a comprehensive amendment with effect from November, 2016. More than 245 benami transactions have already been identified. Provisional attachments of properties worth ₹ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 55 crore have already been made in 124 cases. Relevant laws and rules have been streamlined & tightened, plugging the loopholes and strengthening the penal provisions. Effective steps were taken to track & curb cash transactions through various means like penalising cash transaction of more than ₹ 2 lakh; limiting allowable cash expense up-to ₹ 10000 only; making Aadhaar mandatory fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r obtaining PAN & filing of income tax returns; making PAN mandatory for cash deposits above ₹ 50,000; compulsory linking of PAN with bank accounts; prohibiting cash of ₹ 20,000 or more in transfer of immovable property by imposition of a penalty of an equal amount and mandatory reporting of cash deposits above ₹ 2.5 lakh in savings accounts and ₹ 12.5 lakh in current accou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt during 9 November to 30 December 2016. Crackdown against thousands of shell companies engaged in nefarious activities was effected through enforcement actions (searches, surveys, arrests, prosecutions) by the LEAs (IT/ED/MCA/SFIO/CBI). During the last three financial years (2013-14 to 2015-16), Income Tax investigations led to detection of more than 1155 shell companies / entities used as cond ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uits by over 22,000 beneficiaries. The amount involved in non-genuine transactions of such beneficiaries was more than ₹ 13,300 crore. The Ministry of Corporate Affairs has issued more than a lakh notices for striking off names of defunct / non-compliant companies. A High powered group has been set-up for co-ordinating and monitoring the actions taken by departments concerned with the object ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ive of eliminating the conduits of black money generation and application.
The relentless crusade against black money will get further intensified in the coming days making the tax evaders & money launderers realise that they have to pay a heavy cost for their deviant behaviour.
(Meenakshi J. Goswami)
Commissioner of Income Tax
(Media & Technical Policy)
Official Spokesperson, CBDT. X X X X Extracts X X X X X X X X Extracts X X X X ..... - Press release - PIB ..... X X X X Extracts X X X X X X X X Extracts X X X X
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