The government has filed 107 prosecution complaints — or chargesheets — under the new Black Money Act and detected undisclosed income of approximately Rs 20,078 crore in the Panama Papers Leak case, the government informed Parliament on Monday.
While giving details of the government’s actions in different cases under the Black Money Act, 2015, Pankaj Chaudhary, minister of state for finance, said there was no official estimate of the black money stashed in the Swiss Bank for the past 10 years.
Till May 31, the government passed 166 assessment orders under The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, wherein it raised a demand of Rs 8,216 crore.
Besides the Panama Leak, the government also detected undisclosed credits of about Rs 246 crore in Paradise Papers Leaks and Rs 11,010 crore in ICIJ cases — also known as Offshore Leaks, Parliament was told in response to a question by Congress MP Vincent H Pala, who sought details of the black money deposited in Swiss banks in the last 10 years.
In the HSBC case (or Swiss Leaks), undisclosed income of Rs 8,465 crore has been brought to tax and a penalty of Rs 1,294 crore has been levied.
“The Income Tax Department has taken appropriate action under relevant laws against tax evaders. Such action under direct tax laws includes searches, surveys, enquiries, assessment of income, levy of tax, interest, penalties, etc., and filing of prosecution complaints in criminal courts, wherever applicable,” said Pankaj Chaudhary, minister of state for finance.
The Black Money Act, which came into effect on July 1, 2017, deals with cases of money deposited abroad. A Special Investigation Team (SIT) was formed on black money, whose chairman and vice-chairman are retired judges of the Supreme Court. The Centre is working closely with other governments of other countries, sharing information under Double Taxation Avoidance Agreements (DTAA)/Tax Information Exchange Agreements.
Apart from this, an information-sharing agreement has been made with the US under the Foreign Account Tax Compliance Act.
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