New Delhi: A government crackdown on black money has led to detection of undisclosed income of over Rs 16,000 crore since March 2014, while assets worth Rs 1,200 crore have been seized, Revenue Secretary Hasmukh Adhia said today.
"In 2014-15 and 2015-16 (up to November), the Income Tax Department by its enforcement actions has detected undisclosed income worth more than Rs 16,000 crore and seized assets worth Rs 1,200 crore," he said. "Prosecution has been filed in 774 cases (up to September 2015)."
The measures included a one-time 90-day window to come clean on undisclosed wealth, which led to declarations worth over Rs 4,160 crore, and the government is expecting Rs 2,500 crore as tax and penalties by month-end, he told news agency PTI.
To deal with illegal wealth stashed abroad, the government legislated the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 which provides for stringent penalty and jail term.
In all, 635 declarations worth Rs 4,160 crore of illegal wealth were made in the three-month compliance window.
Articulating steps taken by the government to curb black money, he said the requirement of mandatory furnishing of PAN for money transactions above certain limits is a way of making people report their income legitimately.
"Our attempt to get more information from governments of other countries about the resident tax payers is likely to get more traction in 2016," he said.
Under the Foreign Account Tax Compliance Act (FATCA), signed with the US, India has already started getting information.
"In 2014-15 and 2015-16 (up to November), the Income Tax Department by its enforcement actions has detected undisclosed income worth more than Rs 16,000 crore and seized assets worth Rs 1,200 crore," he said. "Prosecution has been filed in 774 cases (up to September 2015)."
The measures included a one-time 90-day window to come clean on undisclosed wealth, which led to declarations worth over Rs 4,160 crore, and the government is expecting Rs 2,500 crore as tax and penalties by month-end, he told news agency PTI.
To deal with illegal wealth stashed abroad, the government legislated the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 which provides for stringent penalty and jail term.
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In all, 635 declarations worth Rs 4,160 crore of illegal wealth were made in the three-month compliance window.
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Articulating steps taken by the government to curb black money, he said the requirement of mandatory furnishing of PAN for money transactions above certain limits is a way of making people report their income legitimately.
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"Our attempt to get more information from governments of other countries about the resident tax payers is likely to get more traction in 2016," he said.
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Under the Foreign Account Tax Compliance Act (FATCA), signed with the US, India has already started getting information.
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