Press Information Bureau
Government of India
Ministry of Finance
22-November-2016 17:53 IST
A
total number of 64,275* declarants have made declaration of undisclosed income
of Rs.65,250* crore under the Income Declaration Scheme, 2016. (*Provisional).
Under the Income Declaration Scheme, 2016 the amount of tax, surcharge and
penalty is payable in three instalments. The notified date for payment of first
instalment is 30th November, 2016. Hence, the quantum of tax collected as part
of the Scheme cannot be quantified at this stage.
Government
has taken several measures, by way of policy initiatives and enforcement
action, to curb black money. Such measures include –
(i)
Constitution of the Special Investigation Team (SIT) on Black Money under
Chairmanship and Vice-Chairmanship of two former Judges of Hon’ble Supreme
Court.
(ii)
Enactment of ‘The Black Money (Undisclosed Foreign Income and Assets) and
Imposition of Tax Act, 2015’ to specifically deal with the issue of black money
stashed away abroad. The Act inter alia provides stringent provisions for
concealment penalties (equal to three times the amount of tax payable) and
contains stringent provision for prosecution.
(iii)
Constitution of Multi-Agency Group (MAG) consisting of officers of Central
Board of Direct Taxes (CBDT), Reserve Bank of India (RBI), Enforcement
Directorate (ED) and Financial Intelligence Unit (FIU) for investigation of
recent revelations in Panama paper leaks.
(iv)
Proactively engaging with foreign governments with a view to facilitate and
enhance the exchange of information under Double Taxation Avoidance Agreements
(DTAAs)/Tax Information Exchange Agreements (TIEAs)/ Multilateral Conventions.
(v)
Joining the Multilateral Competent Authority Agreement in respect of Automatic
Exchange of Information (AEOI) and having information sharing arrangement with
USA under its Foreign Account Tax Compliance Act (FATCA).
(vi)
Renegotiation of DTAAs with other countries to bring the Article on Exchange of
Information to International Standards and expanding India’s treaty network by
signing new DTAAs and TIEAs with many jurisdictions to facilitate the exchange
of information and to bring transparency.
(vii)
Enabling attachment and confiscation of property equivalent in value held
within the country where the property/proceeds of crime is taken or held
outside the country by amending the Prevention of Money Laundering Act, 2002
through the Finance Act, 2015.
(viii)
Enactment of the Benami Transactions (Prohibition) Amendment Act, 2016 to amend
the Benami Transactions (Prohibition) Act, 1988 with a view to, inter alia,
enable confiscation of Benami property and provide for prosecution. The
provisions of the amended Prohibition of Benami Property Transaction Act, 1988
have come into effect from 01.11.2016.
(ix)
Initiation of the information technology based ‘Project Insight’ by the Income
Tax Department for strengthening the non-intrusive information driven approach
for improving tax compliance and effective utilization of available
information.
(x)
Withdrawal of Rs.500 and Rs.1000 denominations of Bank Notes of the existing
series issued by Reserve Bank of India vide Notification No.2652 [S.O.3407(E)]
dated 08.11.2016.
(xi)
Amendment of Rule 114B of the Income-tax Rules to mandate quoting of PAN, for
transactions of sale or purchase of goods or services of any nature above Rs.2
Lakh.
This
was stated by Shri Santosh Kumar Gangwar, Minister of State in the Ministry of Finance
in written reply to a question in Rajya Sabha today.
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