black money law: Tax demands of Rs 13,566 crore raised in four fiscals under black money law: MoS Finance

The income tax department raised tax demands amounting to Rs 13,566 crore during the last four financial years under the black money law to deal with undisclosed foreign income and assets, the government told Parliament on Monday. In a written reply to a question in the Lok Sabha, Minister of State for Finance Pankaj Chaudhary informed that 183 assessment orders were passed in 2021-22 and a demand of Rs 5,350 crore was raised under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.

In the four fiscals starting 2018-19, a total of 349 assessment orders were passed and a demand totalling Rs 13,566 was raised.

The minister also informed that 648 disclosures involving undisclosed foreign assets worth Rs 4,164 crore were made during three months of a one-time compliance window, which closed on September 30, 2015, under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.

The amount collected by way of tax and penalty in such cases was about Rs 2,476 crore.

Chaudhary further said whenever any instance of unaccounted/black money comes to its notice, the income tax department takes appropriate actions as per the provisions of the Income- tax Act, 1961.

Such actions include conducting searches and surveys, assessment of income, levy of tax, imposition of penalty, and launching of prosecution, among others.