IT Department raises Tax Demands of Rs.13,556 crores under Black Money Laws: MOF

The Income Tax Department increased tax demands of Rs 13,566 crore over the course of the preceding four financial years to address undisclosed overseas assets and income under black money law, the government testified before Parliament on Monday.

In the four financial years starting with 2018-19, 349 Assessment Orders totaling Rs 13,566 were passed.

In a written response to a question in the Lok Sabha, Minister of State for Finance Pankaj Chaudhary said that 183 assessment orders were passed in 2021–2022, and a demand of Rs. 5,350 crore was made under the 2015 Black Money Act. (Undisclosed Foreign Income and Assets and Imposition of Tax Act).

The Black Money (Undisclosed Foreign Income and Assets and Imposition of Tax Act, 2015) states that 648 disclosures involving unreported foreign assets worth Rs. 4,164 crore were made over the course of a three-month compliance window that ended on September 30, 2015.

The minister continued by saying that the Income Tax Department acts right away after becoming aware of unreported or “black money.” They carry out inspections, make judgments, impose fines, and so forth.

After completing the review of 368 instances involving hidden foreign income under the black money statute, it was stated that the government had raised Rs.14,820 crores.