Money held by Indians in swiss acounts have also fallen, which the revenue secretary dubbed as a positive development.
The Income Tax Department has unearthed undisclosed income of Rs 43,000 crore in the last two fiscals, Union Revenue Secretary Hasmukh Adhia said on Friday.
"The Income Tax Department has found a total of Rs 43,000 crore worth undisclosed income from investigations during the past two fiscal years. "While Rs 21,000 crore have been found from department's searches, the balance of Rs 22,000 crore have been disclosed from various surveys," Adhia told reporters here. He did not specify whether the money belonged to individuals or corporates.
"The department is currently busy calculating the tax to be imposed on this undisclosed amount," he added.
Talking about the penalty to be imposed on the Rs 13,000 crore of black money discovered in foreign accounts of Indians so far, he said this money will be taxed at the rate of 120 per cent. To a question, Adhia said there are close to 5.4 crore taxpayers, of which 1,50,000 have annual income of over Rs 50 lakh. As many as 1.8 crore are TDS taxpayers. On new taxpayers, he said, "Out of our projected target of having a new taxpayer base of 1.3 crore, 90 lakh have already come within our fold and we have already garnered an additional revenue of Rs 10,000 crore from them during the past two years."
About the Income Declaration Scheme of 2016 which kicked in on June 1 and will close on September 30, he said tax officials have already held 294 awareness meetings across 118 cities. Adhia made it clear that the declaration window will not be extended beyond September 30. Last week, Prime Minister Narendra Modi had also said there would not be any extension.
Govt to check if black money routed back to India
In the wake of deposits held by Indians in Swiss banks dropping by 33 per cent, Revenue Secretary Hasmukh Adhia today said the government is checking if any of the black money has been routed back to India.
Noting the fall in money by Indians in Swiss banks as a positive, Hasmukh said the data indicates that government's steps to recover black money are in the right direction. At the same time, he observed that the government and the income tax department are continuously working to detect black money and are making efforts to track down any such funds that have returned to India.
"If money has returned or routed back into India, we (government and agencies) are taking steps to track it," Adhia told reporters here. Money held by Indians in Swiss banks has fallen by nearly one-third to a record low of 1.2 billion franc (about Rs 8,392 crore) amid a continuing global clampdown on the famed secrecy wall of Switzerland's banking system. The funds held by Indians with banks in Switzerland fell by CHF 596.42 million to CHF 1,217.6 million at the end of 2015, as per the latest data released yesterday by the country's central banking authority SNB (Swiss National Bank).
This is the lowest amount of funds held by Indians in the Swiss banks ever since the Alpine nation began making the data public in 1997 and marks the second straight year of decline. The funds held by Indians with Swiss banks stood at a record high of CHF 6.5 billion (Rs 23,000 crore) at 2006-end. The latest data comes at a time when Switzerland has begun sharing foreign client details on evidence of wrongdoing provided by India and other countries.
Briefing the media on government talks with Swiss authorities, the Revenue Secretary said Switzerland has agreed for automatic sharing of information from 2018. "Some days ago, I had a dialogue with my counterpart from Switzerland and they have agreed to automatically share information from 2018.
"This means we would receive every detail of the money deposited by our citizens in the Swiss banks," Adhia said. A number of strategies have been deployed by the government to combat the stash-funds menace, in both overseas and domestic domain, which include enactment of a new law to tackle stashing of black money abroad, amendments in the anti-money laundering Act and compliance windows for people to declare their hidden assets
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