The government has issued 586 notices regarding undisclosed foreign assets and income of more than Rs 39,620 cr

NEW DELHI: Although there is no official estimate of the amount of black money in foreign accounts, Rs 2,476 crore was levied as tax and penalty under the window three-month compliance period in 2015, the government told parliament earlier this week. .
As many as 648 disclosures involving undisclosed foreign assets worth Rs 4,164 crore were made in the single three-month compliance window closed on September 30, 2015 under the Black Money Act 2015 (undisclosed foreign income and assets) and taxation. Since 2015, till Jana 2022, assets worth Rs 9867.04 crore were seized as a result of search and seizure actions carried out by the Income Tax Department in respect of of 6,730 groups.
Additionally, as of December 31, 2021, notices have been issued in 586 cases involving undisclosed foreign assets and income of more than Rs 39,620 crore.
“Concrete steps have been taken by the Department of Income Tax to combat black money, including putting in place strong legislative and administrative frameworks, systems and processes, with due emphasis on capacity building, information integration and retrieval through the increasing use of information technology,” Minister of State for Finance Pankaj Chaudhary told parliament.
The Enforcement Directorate seized assets amounting to Rs 86,666 crore under the Prevention of Money Laundering Act 2002 from 01.04.2012 to 31.03.2021.