Black Money Undisclosed Foreign Income And Assets

The income tax department raised tax demands amounting to Rs 13,566 crore during the last four financial years under the black money law to deal with undisclosed foreign income and assets, the government told Parliament on Monday.

Mahesh Shah, the Ahmedabad-based businessman, who had gone missing after declaring black money worth over Rs 13,000 crore in October, surfaced today before being swiftly taken away by the Income Tax and police officials for questioning.

Undisclosed income of Rs 43,829 crore, both from domestic and foreign sources, has been detected by government in the last two financial years, Parliament was informed on Tuesday.

Undisclosed income of Rs 43,829 crore, both from domestic and foreign sources, has been detected by government in the last two financial years, Parliament was informed today.

Finance Ministry in a statement today said the crackdown on black money has led to seizing of Rs 3,963 crore of smuggled goods in two years, a 32 per cent jump over a similar previous period.

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 on Wednesday.

Committing to carry forward the fight against black money, Prime Minister Narendra Modi today said Rs 6,500 crore of undisclosed foreign assets have been declared under the compliance window of the new law and the drive would continue despite its 'side effects'.

The black money law that provides for stringent penalties and jail term for failing to disclose overseas income has been operationalised from July 1 this year, instead of April 2016, the Finance Ministry said.

The Finance Ministry has extended the deadline for declaring undisclosed foreign income or black money till September 30. However, assets declared within the 'compliance window' will invite a 30 per cent tax and a penalty of the same amount which can be paid by December 31.

A month after Parliament passed the black money bill - which targets those curb the stashing of illegal wealth abroad -- a new law is in the pipeline to control tax evasion, sources said.

Failure to answer questions from the tax department can entail a penalty of up to Rs two lakh from the next financial year under the new black money law, which has got the assent of the President.

Failure to answer questions from the tax department can entail a penalty of up to Rs 2 lakh from the next financial year under the new black money law, which has got the assent of the President.

The Bill provides for separate taxation of any undisclosed income in relation to foreign income and assets.

The Undisclosed Foreign Income and Assets bill, which provides for heavy penalties for those stashing away black money in foreign accounts, was passed in the Lok Sabha today.

The government is set to move the Undisclosed Foreign Income and Assets Bill or the black money bill in Lok Sabha today. The lower house sitting has been extended for three days.

The income tax department raised tax demands amounting to Rs 13,566 crore during the last four financial years under the black money law to deal with undisclosed foreign income and assets, the government told Parliament on Monday.

Mahesh Shah, the Ahmedabad-based businessman, who had gone missing after declaring black money worth over Rs 13,000 crore in October, surfaced today before being swiftly taken away by the Income Tax and police officials for questioning.

Undisclosed income of Rs 43,829 crore, both from domestic and foreign sources, has been detected by government in the last two financial years, Parliament was informed on Tuesday.

Undisclosed income of Rs 43,829 crore, both from domestic and foreign sources, has been detected by government in the last two financial years, Parliament was informed today.

Finance Ministry in a statement today said the crackdown on black money has led to seizing of Rs 3,963 crore of smuggled goods in two years, a 32 per cent jump over a similar previous period.

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 on Wednesday.

Committing to carry forward the fight against black money, Prime Minister Narendra Modi today said Rs 6,500 crore of undisclosed foreign assets have been declared under the compliance window of the new law and the drive would continue despite its 'side effects'.

The black money law that provides for stringent penalties and jail term for failing to disclose overseas income has been operationalised from July 1 this year, instead of April 2016, the Finance Ministry said.

The Finance Ministry has extended the deadline for declaring undisclosed foreign income or black money till September 30. However, assets declared within the 'compliance window' will invite a 30 per cent tax and a penalty of the same amount which can be paid by December 31.

A month after Parliament passed the black money bill - which targets those curb the stashing of illegal wealth abroad -- a new law is in the pipeline to control tax evasion, sources said.

Failure to answer questions from the tax department can entail a penalty of up to Rs two lakh from the next financial year under the new black money law, which has got the assent of the President.

Failure to answer questions from the tax department can entail a penalty of up to Rs 2 lakh from the next financial year under the new black money law, which has got the assent of the President.

The Bill provides for separate taxation of any undisclosed income in relation to foreign income and assets.

The Undisclosed Foreign Income and Assets bill, which provides for heavy penalties for those stashing away black money in foreign accounts, was passed in the Lok Sabha today.

The government is set to move the Undisclosed Foreign Income and Assets Bill or the black money bill in Lok Sabha today. The lower house sitting has been extended for three days.