Minister of State for Finance Pankaj Chaudhary mentioned underneath the Black Cash (Undisclosed Overseas Revenue and Property) and Imposition of Tax Act, 2015, the federal government has recovered Rs 338 crore in direction of tax/penalty/curiosity between July 1, 2015 and March 31, 2025.
“Until March 31, 2025, 1021 assessments have been accomplished underneath the Black Cash (Undisclosed Overseas Revenue and Property) and Imposition of Tax Act, 2015, elevating tax and penalty demand of over Rs 35,105 crore roughly and complete 163 prosecutions complaints have been filed,” Chaudhary mentioned in a written reply to Rajya Sabha.
The tax demand will get crystallised conclusively when appeals, if any, earlier than CIT(A), ITAT, Excessive Courtroom and Supreme Courtroom are determined.
Beneath the Black Cash Act, 2015, it's obligatory for assesses to reveal all overseas belongings and revenue in specified schedules whereas submitting I-T returns. Any non-disclosure attracts a penalty.
India receives details about overseas belongings and revenue from over 100 overseas tax jurisdictions, Chaudhary added.
