The quantity collected by means of tax and penalty in such instances was about Rs 2,476 crore.
In the 4 fiscals beginning 2018-19, a complete of 349 evaluation orders have been handed and a requirement totalling Rs 13,566 was raised.
The revenue tax division raised tax calls for amounting to Rs 13,566 crore over the past 4 monetary years beneath the black cash regulation to cope with undisclosed overseas revenue and belongings, the federal government instructed Parliament on Monday.
In a written reply to a query within the Lok Sabha, Minister of State for Finance Pankaj Chaudhary knowledgeable that 183 evaluation orders have been handed in 2021-22 and a requirement of Rs 5,350 crore was raised beneath the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.
In the 4 fiscals beginning 2018-19, a complete of 349 evaluation orders have been handed and a requirement totalling Rs 13,566 was raised.
The minister additionally knowledgeable that 648 disclosures involving undisclosed overseas belongings value Rs 4,164 crore have been made throughout three months of a one-time compliance window, which closed on September 30, 2015, beneath the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.
The quantity collected by means of tax and penalty in such instances was about Rs 2,476 crore.
Chaudhary additional stated every time any occasion of unaccounted/black cash involves its discover, the revenue tax division takes acceptable actions as per the provisions of the Income- tax Act, 1961.
Such actions embrace conducting searches and surveys, evaluation of revenue, levy of tax, imposition of penalty, and launching of prosecution, amongst others.
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