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.
“In 2014-15 and 2015-16 (up to November), the Income Tax Department by its enforcement actions has detected undisclosed income worth more than Rs 16,000 crore and seized assets worth Rs 1,200 crore,” he said. “Prosecution has been filed in 774 cases (up to September 2015).” The measures included a one-time 90-day window to come clean on undisclosed wealth, which led to declarations worth over Rs 4,160 crore, and the Government is expecting Rs 2,500 crore as tax and penalties by month-end, he told agency. “The present Government is very serious on the issue of black money. Various pronouncements of Prime Minister Narendra Modi and Finance Minister Arun Jaitley have made it very clear that this Government does not want to spare any effort to bring people with black money to book,” Adhia said.
To deal with illegal wealth stashed abroad, the Government legislated the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 which provides for stringent penalty and jail term. A one-time compliance window was provided to illegal foreign wealth holders to pay a tax and penalty of 60 per cent and escape the new law's penal provisions.