Black money law: ₹35,104-cr tax demands raised in 10 yrs

THE GOVERNMENT HAS raised a tax demand of ₹35,104 crore under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 over the last decade, Minister of State for Finance Pankaj Chaudhary said in Rajya Sabha on Tuesday.

- AANCHAL MAGAZINE

However, the recovery amount in the form of tax, penalty, and interest demand under the Act has been much lower at ₹338 crore during July 1, 2015, to March 31, 2025, along with 163 prosecution complaints filed till March 31, 2025. Data shared in the Upper House showed.

In a written response to a question by CPI(M) MP John Brittas, who asked about details of international deposits, Chaudhary said a tax demand of ₹21,719 crore has been created as a result of completed assessments under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 during July 1, 2015, to March 31, 2025.