I-T DEMANDS ON BLACK MONEY ABROAD CROSS ₹15,000 CRORE

  • The war against black money stashed abroad appears to have slowed down in the first nine months of FY23 compared with the previous two years, with just 59 assessment orders for tax demands totalling ₹2,098 crore being passed, Minister of State for Finance Pankaj Chaudhary’s reply in Parliament shows.
  • In 2020-21, 120 such orders were passed under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, raising demands for ₹7,055 crore. In FY22, 183 orders were issued for ₹5,350 crore tax.
  • Overall, assessments under this 2015 law have been completed in 408 cases, raising tax demands exceeding ₹15,664 crore. “As on December 31, 2022, 127 prosecutions have been launched under the” Act, Mr. Chaudhary informed.

Panama, Paradise leaks

In the Panama and Paradise Papers leaks cases, undisclosed income of more than ₹13,800 crore had been brought into the tax net by December 2022.

SOURCE: THE HINDU, THE ECONOMIC TIMES, PIB

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