Government Steps Up Efforts To Track Hidden Foreign Income:

Government Steps Up Efforts To Track Hidden Foreign Income India's tax authorities have stepped up action against undisclosed foreign income, with the Income Tax Department levying Rs 4,009.64 crore in taxes during the current financial year, up to December 2025. The recovery has been made under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. The latest figure shows that enforcement efforts remain constant. The total tax imposed under the same law was slightly higher at Rs 4,556.64 crore. Sharing these details in Parliament, Minister of State for Finance Pankaj Chaudhary said that authorities act whenever they receive reliable information about hidden foreign income or assets. Each case is scrutinised, followed by investigation and action as per legal provisions, including the Income Tax Act, 1961, and the Black Money law. He also pointed out that several cases linked to global financial disclosures, namely the Panama Papers leak, the Paradise Papers leak, and the Pandora Papers leak, have helped authorities uncover undisclosed foreign assets and income worth Rs 14,636 crore, which have been assessed for taxation. Till December 31, 2025, the department had completed 1,368 assessments under the Black Money Act. These cases together raised tax and penalty demands exceeding Rs 41,257.08 crore. Additionally, 167 prosecution complaints have been filed so far. However, the government made it clear that it does not have any formal estimate of the total undisclosed income or assets, whether within the country or overseas.