NEW DELHI: The Income Tax Department has completed assessments under the black money (undisclosed foreign income and assets) and imposition of tax act, 2015, in 394 cases, raising tax demand of over Rs 15,570 crore, the Ministry of Finance said on Monday in a written reply to the Lok Sabha.
“As of 30.11.2022, assessments under BMA, 2015, have been completed in 394 cases, raising tax demand of over Rs 15,570 crore. Further, 125 prosecution complaints have been filed under the provisions of BMA, 2015. The state/UT-wise details are not maintained separately,” the ministry said.
During investigation in 13 PMLA (prevention of money laundering act) cases in relation to predicate offences involving violations related to BMA, 2015, proceeds of crime amounting to Rs 42.57 crore have been attached/seized and three prosecution complaints have been filed. Further, assets amounting to Rs 93.07 crore have been seized under section 37A of foreign exchange and management act (FEMA) in five cases, it added.
Besides this, I-T Department collected Rs 2,476 crore by way of tax and penalty under the BMA, 2015, after 648 disclosures involving foreign assets worth Rs 4,164 crore were made during a one-time three-month long compliance window, the ministry said in its reply.
“The government has entered into Double Taxation Avoidance Agreements /Tax Information Exchange Agreements /Multilateral Convention on Mutual Administrative Assistance in Tax Matters/SAARC Multilateral Agreement (“tax treaties”) with other countries which provide for exchange of information, which is foreseeably relevant for administration and enforcement of domestic laws concerning taxes.
"India has been proactively engaging with foreign governments, for exchange of information under these tax treaties,” it said. The Financial Intelligence Unit (FIU-India) is a member of the Egmont Group, an international organisation for exchange of information and co-operation amongst FIUs. The Group comprises 167 members as of date.