Rs 14,820 Crore tax demand below black cash regulation on overseas revenue: Authorities
New Delhi:
The federal government on Monday mentioned it had raised a tax demand of Rs 14,820 crore after finishing an evaluation in 368 instances below the black cash regulation coping with undisclosed overseas revenue.
In a written reply within the Lok Sabha, Finance Minister Nirmala Sitharaman mentioned within the instances associated to deposits made in unreported overseas financial institution accounts in HSBC, an undisclosed revenue of greater than Rs 8,468 crore has been delivered to tax and a penalty of over Rs 1,294 crore has been levied.
The minister additional knowledgeable the Home that 648 disclosures involving undisclosed overseas property value Rs 4,164 crore had been made within the one-time three months compliance window, which closed on September 30, 2015, below the Black Cash (Undisclosed Overseas Earnings and Belongings) and Imposition of Tax Act, 2015.
The quantity collected by the use of tax and penalty in such instances was about Rs 2,476 crore, she mentioned.
The information offered by the finance minister is as much as Could 31, 2022.
On questions on cash deposited in Swiss banks by Indians, Sitharaman mentioned: “There isn’t any official estimate of the amount of cash deposited by Indian residents and corporations in Swiss banks”.
Nonetheless, she mentioned sure current media studies have said that funds of Indians in Swiss Banks rose in 2021 as in comparison with 2020.
These media studies have additionally talked about that these deposits don’t point out the quantum of the alleged black cash held by Indians in Switzerland.
The minister mentioned the Swiss authorities had conveyed that the Swiss Nationwide Financial institution (SNB) annual banking statistics shouldn’t be used for analysing deposits held in Switzerland by residents of India.
Additional, they’ve mentioned that one other information supply must be used to analyse Indian residents’ deposits held in Switzerland, which is known as “locational banking statistics”, which the SNB collects in collaboration with the Financial institution for Worldwide Settlements (BIS).
As per the identical media studies, the ‘locational banking statistics’ of the Financial institution for Worldwide Settlement (BIS) confirmed a decline of 8.3 per cent throughout 2021 in deposits by Indian people in Swiss banks, Sitharaman added.
She additionally apprised the Home of the varied measures taken by the federal government to deliver to tax the undisclosed overseas property and revenue within the current previous.
(Aside from the headline, this story has not been edited by NDTV workers and is printed from a syndicated feed.)
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