Black Money Undisclosed Foreign Income And Assets And Imposition Of Tax Act

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.

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.

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.

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.

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.

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.