(FE)
The income tax (I-T) department has issued notices in 384 cases involving undisclosed foreign assets and income of over `12,260 crore under the Black Money (Undisclosed Foreign Income & Assets) And Imposition of Tax Act till May 30, 2019, the minister of state for finance Anurag Thakur said in the Rajya Sabha on Wednesday.
Thakur said that government doesn’t maintain any data on deposits by Indians in Swiss banks. “However, some recent media reports indicate that deposits by Indians in Swiss banks reduced by nearly 6% in the year 2018,” he added. Further, in response to a query, the minister said that the income-tax department has so far brought undisclosed income of more than Rs 8,460 crore to tax and penalty of more than Rs 1,290 crore has been levied in the unreported foreign bank accounts in HSBC cases. This also led to filing of about 204 prosecution complaints.
“Sustained investigations conducted in the cases revealed by International Consortium of Investigative Journalists (ICIJ) have led to detection of more than Rs 11,010 crore of credits in the undisclosed foreign accounts, so far. About 93 prosecution complaints have been filed,” Thakur said.
