‘Undisclosed foreign income: 14.8K cr tax demand raised,’ Finance Minister informs Lok Sabha

Assessments have been accomplished for 368 circumstances, elevating tax demand of Rs 14,820 crore beneath the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, Finance Minister Nirmala Sitharaman knowledgeable the Lok Sabha on Monday in a written reply.

In circumstances associated to deposits made in unreported overseas financial institution accounts in HSBC, undisclosed earnings of greater than Rs 8,468 crore has been delivered to tax and penalty of over Rs 1,294 crore has been levied, she famous.

She additionally stated 648 disclosures involving undisclosed overseas property value Rs 4,164 crore have been made within the one-time three months compliance window, which closed on September 30, 2015, beneath the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, including that the quantity collected by means of tax and penalty in such circumstances was about Rs 2,476 crore. The knowledge supplied by the Finance Minister is as much as May 31, 2022.

On queries concerning cash deposited in Swiss banks by Indians, Sitharaman stated: “There is no official estimate of the amount of money deposited by Indian citizens and companies in Swiss banks”.

However, she stated some latest media studies have said that funds of Indians in Swiss banks have risen 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 stated that Swiss authorities had conveyed that the Swiss National Bank (SNB) annual banking statistics shouldn’t be used for analysing deposits held in Switzerland by residents of India.

Further, they’ve stated that to analyse Indian residents’ deposits held in Switzerland, one other knowledge supply must be used, which is known as “locational banking statistics”, which the SNB collects in collaboration with the Bank for International Settlements (BIS).

As per the identical media studies, Sitharaman added, ‘locational banking statistics’ of the BIS confirmed a fall of 8.3 per cent throughout 2021 in deposits by Indian people in Swiss banks.