The government informed Parliament on Tuesday that, as of October 1, total undisclosed credits worth Rs 20,353 crore have been detected against 930 entities linked to India in the leaks of the Panama Papers and the Paradise papers.
In response to a question on the Rajya Sabha during the winter session, State Finance Minister Pankaj Chaudhary said that some Indian names have been published in the media that are allegedly linked to the Pandora Papers leak, and He added that the taxes collected so far amount to Rs. Rs 153.88 crore on the Panama Papers and the Paradise Papers leaks.
In a written response, he added that the tax department takes appropriate actions in the event that individuals are found to be involved in violating the provisions of various laws administered by the Income Tax Department such as the Income Tax Act. of 1961 and Black Money (Undisclosed Foreign Income and Assets) and Imposition of the Tax Law, 2015, etc.
“Such actions under the direct tax law include searches and seizures, surveys, investigations, assessment and reassessment of income, collection of taxes along with interest, imposition of penalties, filing of prosecution complaints in criminal courts, where appropriate,” he said.
In 52 cases of leaks from Panama and Paradise Papers, complaints of criminal prosecution have been filed under the Taxation and Undisclosed Foreign Income and Assets (Black Money) Act of 2015.
Furthermore, in 130 cases proceedings were initiated under Black Money (Undisclosed Foreign Income and Assets) and the Taxation Tax Act of 2015.
Regarding the indigenous people named in these investigations, Chaudhary also added that the government has become aware of them and, for the purpose of a coordinated and rapid investigation, placed the Pandora Papers leak under the umbrella of the Multi Agency (MAG) group.
The MGA has been constituted under the convocation of the CBDT chairman, with the Compliance Directorate, the Reserve Bank of India, the Financial Intelligence Unit of India and the Foreign Tax and Tax Investigation Division of CBDT as its agencies. members.
The investigation is ongoing, the minister added.