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Action in retrieval of Black money in Swiss Banks

News and Press Release - Dated:- 22-11-2016 - Information of 628 Indian persons holding bank accounts in HSBC bank in Switzerland was obtained from the Government of France under Double Taxation Avoidance Convention (DTAC) between India and France in 2011. As a result of systematic investigations in these cases, undisclosed income of about ₹ 8200 crore (including protective assessments in some cases) was brought to tax till 31st August 2016 in 404 cases. Besides, concealment penalty of  .....

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tion [Income-tax Act, 1961, etc.], the Government enacted The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 to specifically and effectively tackle the issue of black money stashed away abroad. This has, inter alia, provided for more stringent provisions of penalties and prosecutions in respect of black money stashed away abroad. Further, under this law, for the first time the offence of wilful attempt to evade tax, etc. in relation to undisclosed foreign inc .....

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k Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, a one-time three months compliance window closing on 30th September 2015 was provided under the new law wherein 648 declarations involving undisclosed foreign assets worth ₹ 4164 crore were made. The amount collected by way of tax and penalty in such cases is about ₹ 2476 crore. In addition to the above, the Government has taken several measures to effectively tackle the issue of black money, particularl .....

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ce-Chairmanship of two former Judges of Hon ble Supreme Court, (ii) Constitution of Multi-Agency Group (MAG) consisting of officers of Central Board of Direct Taxes (CBDT), Reserve Bank of India (RBI), Enforcement Directorate (ED) and Financial Intelligence Unit (FIU) for investigation of recent revelations in Panama paper leaks, (iii) Proactively engaging with foreign governments with a view to facilitate and enhance the exchange of information under Double Taxation Avoidance Agreements (DTAAs) .....

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