6,000 Cr Worth Of Undisclosed Asset Detected Under Foreign Black Money Law

In a written reply, Minister of State for Finance Shiv Pratap Shukla told the Parliament that Rs 6,000 crore worth of undisclosed assets have been recovered under the foreign black money law. Shukla further added that as of October 31, 2018, 34 prosecution complaints were filed under the foreign black money law, as reported by Financial Express.

Rs 6,000 cr worth of undisclosed asset detected

“As an outcome of the actions taken by the Income-tax Department under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (The Black Money Act), as on October 31, 2018, undisclosed foreign assets and income valued at over Rs 6,000 crore have been detected,” Shukla said in a written reply in the Rajya Sabha. He further added that action against such people who have undisclosed assets have been taken under the Act. Action taken includes enquiries, assessment of income, penalties and filing of prosecution complaints in criminal court.

The act gives “one-time compliance opportunity” for people who have foreign assets which have not been disclosed for the purpose of Income-tax. However, this was available only for a limited period. The compliance window closed on September 30, 2015. Until then, undisclosed foreign assets worth Rs 4,100 crore was revealed by 648 declarations. Over Rs 2,470 crore was collected as tax, and penalties were collected in such cases.

The black money and Imposition of Tax Act, 2015

The black money (undisclosed foreign income and assets) and the imposition of Tax Act, 2015 was introduced to deal with the problem of Black money in the form of undisclosed foreign income and assets. The Act also lists the procedure for dealing with such income and assets. It also provides for the Tax to be imposed on the undisclosed foreign income and asset held outside India.

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