Income Tax Department Slaps ₹4,009.64 Cr Tax Under Black Money Act In FY26 Till December
· Free Press Journal
New Delhi: The income tax department has imposed Rs 4,009.64 crore tax on undisclosed foreign income and assets under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax, 2015 in the nine months of the current fiscal till December 2025.
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During the fiscal 2024-25, Rs 4,556.64 crore tax was imposed.
The information was provided by Minister of State for Finance Pankaj Chaudhary in a written reply to the Lok Sabha on Monday.
Whenever, any credible information relating to undisclosed foreign income and assets is received, the same is investigated and appropriate action is taken under the various Acts administered by the Income-tax Department, including the Income-tax Act, 1961 and the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax, 2015, the minister said.
Sebi Chief Tuhin Kanta Pandey Warns Independent Directors To Act 'Responsibly' Amid HDFC Bank Chairman's Abrupt ResignationHe also informed that the total undisclosed foreign income and assets, amounting to Rs 14,636 crore, have been assessed to tax under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax, 2015, for cases identified under Panama, Paradise and Pandora Paper leaks.
"Till December 31, 2025, 1,368 assessments have been completed under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, raising tax and penalty demand of over Rs 41,257.08 crore and total 167 prosecution complaints have been filed," Chaudhary added.
The minister also said there is no official estimation regarding the amount of undisclosed domestic/ foreign income and assets.
(Except for the headline, this article has not been edited by FPJ's editorial team and auto-generated from an agency feed.)