In order to deal with undeclared foreign assets and income under black money law, the Income Tax Department increased tax demands totaling Rs 13,566 crore during the course of the previous four fiscal years, the government stated before the Parliament on Monday.
A total of 349 Assessment Orders and a demand of Rs 13,566 were passed in the four fiscal years beginning with 2018–19.
Pankaj Chaudhary, the Minister of State for finance, stated in a written response to a question in the Lok Sabha that 183 assessment orders were passed in 2021–2022 and that a demand of Rs. 5,350 crore was made under the 2015 Black Money (Undisclosed Foreign Income and Assets and Imposition of Tax Act).
According to the Black Money (Undisclosed Foreign Income and Assets and Imposition of Tax Act, 2015), 648 disclosures involving undeclared overseas assets worth Rs. 4,164 crore were made during a three-month period of a one-time compliance window that ended on September 30, 2015.
The minister went on to say that the Income Tax Department takes action as soon as they learn about unaccounted/black money. They conduct searches, assessments, levy penalties, and so on.
Previous year it was reported that the government has raised ₹14,820 crores after completing assessment of 368 cases under the black money law dealing with undisclosed foreign income.
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