NEW DELHI: The Income Tax department has issued notices under foreign black money law in 422 cases involving undisclosed assets and income of over Rs 12,600 crore till December 2019, Parliament was informed on Tuesday.
Minister of State for Finance Anurag Singh Thakur said the Income Tax Department has taken continuous and concerted actions under the Black Money (Undisclosed Foreign Income & Assets) and Imposition of Tax Act since it came into force on July 1, 2015.
“As a result, as on December 31, 2019, notices have been issued in 422 cases under this Act, involving undisclosed foreign assets and income of over Rs 12,600 crore,” he said in a written reply to the Rajya Sabha.
With regard to deposits made in unreported foreign bank accounts in HSBC cases, so far undisclosed income of more than Rs 8,460 crore has been brought to tax and penalty of more than Rs 1,290 crore levied. About 204 prosecution complaints have been filed. (AGENCIES)
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