On Tuesday, the government said undisclosed credits worth Rs 20,353 crore have been detected against 930 Indian-linked entities in Panama and Paradise Paper Leaks.
In response to a question on the Rajya Sabha, State Finance Minister Pankaj Chaudhary also reported that taxes collected so far amount to Rs 153.88 crore in Panama and Paradise Paper Leaks.
“As of October 1, 2021, total undisclosed credits worth Rs 20,353 crore have been detected against 930 Indian-linked entities in Panama and Paradise Paper Leaks,” the minister said in a written response.
He said that the tax department takes appropriate action in case of people found to be involved in the violation of the provisions of various laws administered by the Income Tax Department, such as the Income Tax Act of 1961 and money black (undisclosed foreign income and assets). and Tax Imposition 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 charges of prosecution in criminal courts, where appropriate,” he said.
In 52 cases from Panama and Paradise Paper Leaks, complaints of criminal prosecution have been filed under the Black Money (Undisclosed Foreign Income and Assets) and Taxation Act, 2015.
In addition, in 130 cases, proceedings were initiated under the Black Money (Undisclosed Foreign Income and Assets) Act and the Tax Levy of 2015.
Some Indian names have been published in the media that are supposedly linked to Pandora Papers Leak.
Chaudhary further said that the government has become aware of the same and, for the purpose of a coordinated and swift investigation, brought the leak of Pandora documents under the umbrella of the multi-agency group (MAG).
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 the CBDT as agencies. members.
Furthermore, the investigation is in progress, added the minister.
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