Undisclosed Income of about Rs. 600 Crore Detected under DTAAs Since March 2009 and taxes of about Rs. 200 Crore Realized

The Government receives information from various countries regarding assets including bank accounts held abroad by Indians under the respective Double Taxation Avoidance Agreements/Tax Information Exchange Agreements. Receipt of such information is an ongoing process.

Based on information received since March, 2009 under the Double Taxation Avoidance Agreements (DTAAs) regarding foreign bank accounts maintained by certain individuals/non-individuals, undisclosed income of about Rs. 600 crore has been detected and taxes of about Rs. 200 crore have already been realized. Prosecution proceedings have so far been launched in 17 cases. Information received from different countries under the automatic exchange of information arrangement is appropriately utilized for the purpose of investigation and assessment. Enquiries and assessment proceedings in many such cases are part of ongoing process.

Whenever any credible information is received regarding infraction of Direct Tax Laws, appropriate action in accordance with the provisions of the direct tax laws is taken, including launching of prosecution in appropriate cases, to bring to tax any undisclosed amounts.

This was stated by the Minister of State for Finance Shri S.S. Palanimanickam in a written reply to a question in the Rajya Sabha today.

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September 2021