Tax authorities have unearthed over 71,000 crore of undisclosed income and evaded taxes in the last two years. "Enhanced enforcement measures have resulted in unearthing of tax evasion of approximately 50,000 crore of indirect taxes and undisclosed income of 21,000 crore," said a release of the Finance Ministry on Tuesday. Another 3,963 crore worth of smuggled goods was seized, marking a jump of 32 percent over the last two years.
The tax departments have launched the prosecution in 1,466 cases as against 1,169 cases in the previous two years.
Outlining measures taken to unearth undisclosed money both within the country and stashed abroad, the Finance Ministry said that a Black Money Act has been enacted with strict provisions and many recommendations of the Special Investigation Team led by ex-Supreme Court Judge Justice MB Shah have been implemented.
A new Income Disclosure Scheme has also been formulated for domestic black money in the country that will allow those holding undeclared assets to pay a total tax and penalty of 45 per cent and come clean.
Further, the Prevention of Money-laundering Act has been amended to enable attachment and confiscation of equivalent asset in India where the asset located abroad cannot be forfeited in case of proceeds of crime.
Similarly, Foreign Exchange Management Act (FEMA), 1999 has also been amended to provide for seizure and confiscation of value equivalent, situated in India, in case any person is found to have acquired any foreign exchange, foreign security or immovable property, situated outside India, in contravention of FEMA.
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Rs 71,000 crore of undisclosed income unearthed
By IndianMandarins - 2016-05-11 11:18:44
Tax authorities have unearthed over 71,000 crore of undisclosed income and evaded taxes in the last two years. "Enhanced enforcement measures have resulted in unearthing of tax evasion of approximately 50,000 crore of indirect taxes and undisclosed income of 21,000 crore," said a release of the Finance Ministry on Tuesday. Another 3,963 crore worth of smuggled goods was seized, marking a jump of 32 percent over the last two years.
The tax departments have launched the prosecution in 1,466 cases as against 1,169 cases in the previous two years.
Outlining measures taken to unearth undisclosed money both within the country and stashed abroad, the Finance Ministry said that a Black Money Act has been enacted with strict provisions and many recommendations of the Special Investigation Team led by ex-Supreme Court Judge Justice MB Shah have been implemented.
A new Income Disclosure Scheme has also been formulated for domestic black money in the country that will allow those holding undeclared assets to pay a total tax and penalty of 45 per cent and come clean.
Further, the Prevention of Money-laundering Act has been amended to enable attachment and confiscation of equivalent asset in India where the asset located abroad cannot be forfeited in case of proceeds of crime.
Similarly, Foreign Exchange Management Act (FEMA), 1999 has also been amended to provide for seizure and confiscation of value equivalent, situated in India, in case any person is found to have acquired any foreign exchange, foreign security or immovable property, situated outside India, in contravention of FEMA.
