This post was originally published on 20 July 2016.
Undisclosed income of Rs 43,829 crore, both from domestic and foreign sources, has been detected by the government in the last two financial years, Parliament was informed on Tuesday.
“The amount received under the one-time compliance window, as part of enforcement measures during the last two financial years, searches in 990 groups of assessees and surveys in 9,457 cases were conducted, resulting in the detection of undisclosed income of Rs 43,829 crores,” Minister of State for Finance Santosh Kumar Gangwar said in a written reply to Rajya Sabha.
Kumar said the Black Money (Undisclosed Foreign Income and Assets) and imposition of Tax Act, 2015 enacted on May 26, 2015 provided a one-time compliance window for declaration of undisclosed foreign assets.
The window was available from July 1, 2015 to September 30, 2015.
“An amount of Rs 2,476 crores was received as tax and penalty from 648 declarants under the said window,” Gangwar said.
Besides, the Finance Act, 2016 provides for the Income Declaration Scheme 2016.
The scheme has commenced from June 1, 2016 and will close on September 30, 2016, he added.