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The conflict towards black money stashed abroad seems to have slowed down within the first 9 months of 2022-23 in contrast with the earlier two years, with simply 59 evaluation orders pertaining to tax demands aggregating to ₹2,098 crore being handed.
In 2020-21, 120 such orders have been handed underneath the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, elevating demands including as much as ₹ 7,055 crore. The following yr witnessed 183 orders being accomplished with regard to tax dues of ₹5,350 crore.
Overall, assessments underneath this 2015 legislation have been accomplished in 408 circumstances, elevating tax demands exceeding ₹15,664 crore. “As on December 31, 2022, 127 prosecutions have been launched under the provisions of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015,” Minister of State for Finance Pankaj Chaudhary knowledgeable the Rajya Sabha.
In the Panama and Paradise Paper Leaks circumstances, undisclosed earnings of greater than ₹13,800 crores had been introduced into the tax internet by December 2022. “More than 250 India-linked entities have been identified in Pandora Paper Leaks,” the minister knowledgeable. Further, undisclosed earnings of greater than ₹8,468 crore had been taxed, with a penalty of greater than ₹1,294 crore, from deposits in unreported overseas financial institution accounts within the HSBC circumstances, he added.
In response to a query on offshore shell corporations whose final beneficiaries are Indian residents, Mr. Chaudhary mentioned that such corporations weren’t outlined within the Acts administered by the Finance Ministry and particulars about such corporations owned by Indian residents was not obtainable.
However, he added that the federal government had entered into change of knowledge mechanisms with different nations for administration of taxation and enforcement legal guidelines for numerous functions, which can embody offshore corporations.
“India has been at the forefront in the global crusade against offshore tax evasion. India actively engages with the relevant international bodies working on the implementation of international standards on exchange of information across the world,” Mr. Chaudhary asserted.
