The authorities on Tuesday mentioned that undisclosed credit score of Rs 20,353 crore has been unearthed in respect of 930 entities linked to India within the Panama and Paradise Papers leaks.
Responding to a query within the Rajya Sabha, Minister of State for Finance, Pankaj Choudhary additionally mentioned that tax of Rs 153.88 crore has been collected to this point within the Panama and Paradise Papers leaks.
“As of October 1, 2021, the Panama and Paradise Papers leaks have detected undisclosed credits totaling Rs 20,353 crore in respect of 930 India-linked entities,” the minister mentioned in a written reply.
He mentioned that the tax division takes acceptable motion within the case of individuals who’re discovered to be concerned within the violation of provisions of assorted Acts administered by the Income Tax Department corresponding to Income Tax Act, 1961 and Black Money (Undisclosed Foreign Income and Assets). and imposition of Tax Act, 2015 and many others.
“Such actions under the Direct Tax Act include search and seizure, survey, inquiry, assessment and reassessment of income, levying tax with interest, imposing penalty, filing complaint of prosecution in criminal courts, wherever applicable,” he mentioned. ,” Are included.
In 52 instances of Panama and Paradise Papers leaks, legal prosecution complaints have been filed below the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.
In addition, proceedings below the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 have been initiated in 130 instances.
Some Indian names have been launched within the media that are allegedly linked to the Pandora Papers leak.
Choudhary additional mentioned that the federal government has taken cognizance of this and the Pandora Papers leak has been introduced below the umbrella of Multi Agency Group (MAG) for the aim of coordinated and speedy investigation.
The MGA has been constituted below the co-ordinator of the Chairman, CBDT, with Enforcement Directorate, Reserve Bank of India, Financial Intelligence Unit India and Foreign Tax and Tax Research Division of CBDT as its member companies.
Besides, investigation is on, the minister mentioned.
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With inputs from TheIndianEXPRESS
