TIOL-DDT 2993 · the untouched capture
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<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"> <html> <head> <title>Untitled Document</title> <meta http-equiv="Content-Type" content="text/html; charset=iso-8859-1"> </head> <body> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><a href="http://www.taxindiaonline.com/RC2/inside2.php3?filename=bnews_detail.php3&newsid=26988"><img src="http://www.taxindiaonline.com/RC2/image/stories/limca_book2016.jpg" alt="DDT in Limca Book of Records - Third Time in a row" width="252" height="220" hspace="5" border="0" align="right" ></a></font><font color="#663399" size="3">TIOL-DDT 2993</font><br> 19 12 2016<br> Monday</strong></font></p> <p align="center"><font color="#006600" size="3" face="Verdana, Arial, Helvetica, sans-serif"><strong><em><font face="Georgia, Times New Roman, Times, serif">Black Money Tax </font></em></strong></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>THE</strong><em> <strong><a href="http://www.taxindiaonline.com/RC2/notDesc.php?MpoQSrPnM=MjA4OTI=" target="_blank">Taxation Laws (Second Amendment) Act, 2016</a></strong> </em>has come into force on 15th December, 2016. </font></p> <div align="justify"> <blockquote><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1. Government has notified 17th day December, 2016, as the date on which the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016 comes into force; and the 31st day of March, 2017 as the date on or before which a person may make a declaration under sub-section (1) of the section 199C. – <em><a href="http://www.taxindiaonline.com/RC2/pdfdocs/notification1152016.pdf" target="_blank"><strong>Notification No. 115/2016; Dated: December 16 2016 </strong></a></em></font></blockquote> </div> <blockquote> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">2. Government has notified the <em>Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana Rules, 2016 </em>. <strong>-<a href="http://www.taxindiaonline.com/RC2/pdfdocs/notification1162016.pdf" target="_blank"> <em>Notification No. 116/2016; Dated: December 16 2016</em></a></strong></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">3. Government has notified the jurisdiction of the Principal Commissioner or the Commissioner for the declaration. <strong>-<a href="http://www.taxindiaonline.com/RC2/pdfdocs/notification1172016.pdf" target="_blank"> <em>Notification No. 117/2016; Dated: December 16 2016</em></a></strong> </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">4. Government has notified the <em>Pradhan Mantri Garib Kalyan </em>Deposit Scheme, 2016. <strong>– </strong><a href="http://www.taxindiaonline.com/RC2/pdfdocs/notificationso4061.pdf" target="_blank"><strong>Dept. of Economic Affairs Notification dated <em>December 16 2016 </em></strong></a></font></p> </blockquote> <p align="center"><font size="3" face="Georgia, Times New Roman, Times, serif"><em><font color="#006600" size="3" face="Georgia, Times New Roman, Times, serif"><em><strong><a name="f1"></a></strong></em></font><font color="#006600"><strong>FM told the Parliament……. </strong></font></em></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>THE</strong> Lok Sabha adjourned <a href="http://www.taxindiaonline.com/RC2/NewsDesc.php?MpoQSrPnM=MzQ4OA=="><em>sine die </em></a> on Friday. The Finance Minister gave some very important clarifications while answering questions. Some of the questions and their answers are given below: </font></p> <p align="justify"><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif" style="background-color:#99CCCC" span="span">New Income Disclosure Scheme: </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Question: </strong></font></p> <div align="justify"> <blockquote><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(a) whether the Government has introduced a new income disclosure schemes under the Pradhan Mantri Garib Kalyan Yojana and if so, the details thereof; </font></blockquote> </div> <blockquote> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(b) whether proposed tax scheme would provide no immunity from FEMA, PMLA, Narcotics and Black Money and cover deposits made from November 10, 2016; and </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(c) if so, the details thereof and the outcome thereto? </font></p> </blockquote> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Answer: </strong></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The Taxation Laws (Second Amendment) Bill, 2016, passed by Lok Sabha on 29.11.2016, <em>inter alia</em> seeks to introduce the, ‘Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016 (the Scheme)'. A declarant under the Scheme shall be required to pay tax @ 30% of undisclosed income, surcharge @ 33% of tax and penalty @ 10% of undisclosed income. The declarant shall also be required to deposit an amount, which shall not be less than twenty-five per cent of the undisclosed income in, the ‘Pradhan Mantri Garib Kalyan Deposit Scheme, 2016'. Such deposit shall carry no interest and have a locking period of four years. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The Scheme does not provide any immunity to the declarant in respect of detention made under Conservation of Foreign Exchange and Prevention of Smuggling Activities Act, 1974, offence punishable under Chapter IX or Chapter XVII of the Indian Penal Code, the Narcotic Drugs and Psychotropic Substances Act, 1985, the Unlawful Activities (Prevention) Act, 1967, the Prevention of Corruption Act, 1988, the Prohibition of Benami Property Transactions Act, 1988, the Prevention of Money-Laundering Act, 2002, the Special Court Act, 1992, and the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">A declaration in respect of any income, in the form of cash or deposit in an account maintained by the person with a specified entity, chargeable to tax under the Income-tax Act for any assessment year commencing on or before the 1st day of April, 2017, can be made under the Scheme. </font></p> <p align="justify"><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif" style="background-color:#99CCCC" span="span">Illegal Exports: </font></p> <p align="justify"><font face="Verdana, Arial, Helvetica, sans-serif"><strong><font size="2">Question: </font></strong></font></p> <blockquote> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(a) whether the Government is aware that readymade garments from several States/UTs have been illegally exported; </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(b) if so, the details of such cases reported during the last three years, State/ UT-wise; </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif" style="background-color:#FFFF00" span="span">(c) whether the said exports are being carried out in connivance with the Excise Inspectors/Officers; and </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(d) if so, the details thereof and the action taken or being taken against the guilty officers and excise inspectors so far? </font></p> </blockquote> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Answer: </strong></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Yes. A few cases were reported wherein lower rank officers were found involved. Action has already been taken against the guilty, as per rules. </font></p> <p align="justify"><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif" style="background-color:#99CCCC" span="span">Smuggling</font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Question: </strong></font></p> <blockquote> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(a) whether fake products/counterfeit consumer goods are being smuggled from foreign countries to India; </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(b) if so, the details thereof; </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(c) whether the Government is suffering financial losses due to smuggling of fake products/goods in the country; </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(e) if so, the details thereof; and </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(f) the corrective steps taken/ proposed to be taken in this regard? </font></p> </blockquote> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Answer: </strong></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The Customs department has booked 118 cases of smuggling of fake products/counterfeit consumer goods in the country and action against the perpetrators has been taken under the Customs Act, 1962. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">No such study has been undertaken by the Government. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">In order to curb smuggling of fake products/counterfeit consumer goods, the Directorate of Revenue Intelligence (DRI) of CBEC has been issuing Alert/modus operandi circulars from time to time. Strict vigil is kept by Customs formations to thwart any attempt of such smuggling. On detection of cases, action is taken under the provisions of Customs Act, 1962. </font></p> <p align="justify"><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif" style="background-color:#99CCCC" span="span">Restriction on holding of Gold: </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Question: </strong></font></p> <blockquote> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(a) whether the Government proposes to restrict holding of gold by individuals in a bid to crack down on black money; </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(b) if so, the details thereof; and </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(c) the steps taken by the Government in this regard? </font></p> </blockquote> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"></font><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Answer: </strong></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">No. </font></p> <p align="justify"><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif" style="background-color:#99CCCC" span="span">DRISCNs - Overvaluation: </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Question: </strong></font></p> <blockquote> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(a) whether the Directorate of Revenue Intelligence (DRI) has recently issued show-cause notices to several companies for inflating the value of capital goods imported by them; </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(b) if so, the details of show cause notices issued by DRI to various companies in the last six months and charges levelled against them; </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(c) whether the companies have replied to the show-cause notices; </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(d) if so, the details thereof; and the action taken/proposed to be taken by the Government in the matter? </font></p> </blockquote> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Answer: </strong></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Yes. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Directorate of Revenue Intelligence (DRI) has issued Show Cause Notices to several companies for overvaluation of capital goods of Rs.1049.93 crore during the last six months. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Reply in respect of some Show Cause Notices has already been received whereas some replies are awaited. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Action has been taken as per the provisions provided under the Customs Act, 1962. </font></p> <p align="left"><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif" style="background-color:#99CCCC" span="span">No Indirect Tax payment by cash: </font></p> <p align="left"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Question:</strong></font></p> <blockquote> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(a) whether local bodies viz. Municipal Corporation, Municipal Council and other Government institutions collected lot of cash revenue through tax collection because of currency demonetisation; and </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(b) if so, the details thereof? </font></p> </blockquote> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"></font><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Answer: </strong></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Direct Taxes are collected by the authorized banks through various modes including cash, cheque and e-payment/net banking. It is not ascertainable as to what part of the tax revenue collected can be attributed to currency demonetisation. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Further, the payment of Indirect Taxes has not been authorized by cash after demonetization of high value currency notes. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">No such data is maintained centrally. </font></p> <p align="justify"><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif" style="background-color:#99CCCC" span="span">Change of Financial Year: </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Question: </strong></font></p> <blockquote> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(a) whether the Government is considering to change the financial year from April-March to January-December; and </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(b) if so, the details and the reasons therefor? </font></p> </blockquote> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Answer: </strong></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The Government has constituted a Committee to examine the desirability and feasibility of having “a new financial year”. The report of the Committee is yet to be submitted. </font></p> <p align="justify"><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif" style="background-color:#99CCCC" span="span">Demonetisation Without Adequate Preparation: </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Question: </strong></font></p> <blockquote> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(a) whether the All India Bank Officers' Association said that the decision to implement demonetisation by the Government and the Reserve Bank of India(RBI) was taken without adequate preparation is unjustified; </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(b) if so, the details thereof and the reactions of the Government thereto; and </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(c) the point on which careful consideration were given by the Government before implementation of demonetisation? </font></p> </blockquote> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Answer: </strong></font></p> <blockquote> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(a) No such information is available with the Government. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(b) Doesn't arise. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(c) The primary objectives of the cancellation of legal tender character of old high denomination banknotes is to curb terror-financing and to eliminate black money and Fake Indian Currency Notes. </font></p> </blockquote> <p align="justify"><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif" style="background-color:#99CCCC" span="span">Billionaires and demonetisation: </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Question: </strong></font></p> <blockquote> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(a) the number of billionaires in the world belonging to Europe, Asia and America; </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(b) the number of billionaires in India; </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(c) whether the gap between rich and the poor is widening as a result of growing number of billionaires in the world and if so, the details thereof; </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(d) whether the demonetization policy is likely to strengthen economic inclusiveness and bridge the gap between the rich and the poor; and </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(e) if so, the details thereof? </font></p> </blockquote> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"></font><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Answer: </strong></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Government does not maintain information on the wealth of individual tax payers, and hence, any credible information on the number of billionaires in India or any other country is not available with the Government. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The World Bank Report titled “Poverty and Shared Prosperity 2016; Taking on Inequality” mentions that between 2008 and 2013, the number of countries experiencing declining inequality was twice the number exhibiting widening inequality, and that, despite the progress, stark inequalities persist. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The Government has laid considerable emphasis on promoting inclusiveness in growth through measures that, <em>inter-alia </em>, include: the landmark initiative of the Government for financial inclusion--Pradhan Mantri Jan DhanYojana, initiatives to improve public delivery through plugging leakages in subsidies and other welfare programmes, implementation of various wage and self-employment programmes, multi-pronged skill development programmes and entrepreneurial opportunities through the Stand Up India programme. The increasing formalization of the economy and the impact on curbing unaccounted incomes that cancellation of legal tender character of old Rs. 500 and Rs. 1000 notes can bring about, is expected to release significant resources for the Government to further pursue its inclusive policies and create opportunities for the poor in the medium-term. Further, digital transactions will gain greater currency leading to greater financial inclusion. </font></p> <p align="justify"><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif" style="background-color:#99CCCC" span="span">Cut in Import Duty: </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Question: </strong></font></p> <blockquote> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(a) whether the Government has made cut in import duty on many items in therecent months; </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(b) if so, the details thereof; </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(c) whether the said move is aimed at stabilising the prices of these products in thecountry; and </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(d) if so, the details thereof? </font></p> </blockquote> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Answer: </strong></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">After this year's Budget, the Central Government has reduced the import duty on the following essential commodities,<em> inter alia</em>, aimed at stabilizing theprices of these commodities in the country, namely:- </font></p> <blockquote> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(a) Reduction in import duty on wheat from 25% to 10% with effect from 23.09.2016 for a period upto 28.02.2017 [notification No.51/2016-Customs, dated 23.09.2016] which was subsequently further reduced to Nil with effect from 08.12.2016 without any end date [notification No.60/2016-Customs, dated 08.12.2016]. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(b) Reduction in import duty on potatoes from 30% to 10% with effect from 23.09.2016 for a period upto 31.10.2016 [notification No.51/2016-Customs, dated 23.09.2016]. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(c) Reduction in import duty on crude palm oil of edible grade from 12.5% to 7.5%, and on refined palm oil of edible grade from 20% to 15% [notification No.51/2016- Customs, dated 23.09.2016]. </font></p> </blockquote> <p align="justify"><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif" style="background-color:#99CCCC" span="span">No Extension of Date for Deposit of old notes: </font> </p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Question: </strong></font></p> <blockquote> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(a) whether the Government has ensured printing of Rs.100 and 50 rupees currency notes and making them available in adequate quantity for circulation in view of demonetisation of Rs.500 and Rs.1000 currency notes; </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(b) if so, the details thereof; </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(c) whether the Government is considering to extend the deadline of 30th December,2016 for exchange, deposit of old currency notes of Rs.500 and Rs.1000; and </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(d) if so, the details thereof? </font></p> </blockquote> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Answer: </strong></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Reserve Bank of India monitors the requirement of notes on a regularbasis and places the indent on the printing presses accordingly. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">At present, there is no proposal to extend the deadline beyond 30th December, 2016 for exchange/deposit of old high denomination bank notes. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">No official estimation of the amount of black money: </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Question: </strong></font></p> <blockquote> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(a) whether the Government has made any assessment/estimation of the total amount of black money before/after implementation of the demonetisation in the country and if so, the details thereof; </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(b) the number of cases of disclosure of income with various agencies; </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(c) the amount of undeclared income involved and the present status of such cases; and </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(d) the steps taken by the Government for expeditious disposal of said cases? </font></p> </blockquote> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Answer: </strong></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">There is no official estimation of the amount of black money either before or after the Government's decision of 8th November 2016 declaring that bank notes of denominations of the existing series of the value of five hundred rupees and one thousand rupees shall cease to be legal tender with effect from 9th November 2016. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The searches conducted by the Income Tax Department during the period 01.04.2014 to30.11.2016, in 1356 groups of assessees led to admission of undisclosed income of Rs.31,277crore apart from seizure of undisclosed assets worth Rs.2,164 crore. Besides, 14,044 surveys conducted during the same period, resulted in detection of undisclosed income of Rs.30,492crore. Further, during the period 01.04.2014 to 31.10.2016, the Income Tax Department filed1544 prosecution complaints before criminal courts, besides compounding of offences in 2323cases. 75 persons were convicted by trial courts for offences under direct taxes during the same period.</font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">648 disclosures involving undisclosed foreign assets worth Rs.4164 crore, were made in the onetime three months' compliance window closed on 30th September 2015, under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. The amount collected by way of tax and penalty in such cases was about Rs.2476 crore. Further, under the Income Declaration Scheme, implemented by the Government during June to September 2016,71,726 declarants made declarations of undisclosed income of Rs. 67,382 crore. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Whenever a case of undisclosed income/asset is detected, the Income Tax Department takes necessary action under provisions of direct taxes laws which include investigation, assessment of income, levy of tax, interest & penalty and filing of prosecution complaints before criminal courts, wherever applicable. Other law enforcement agencies such as Enforcement Directorate,Central Bureau of Investigation, etc. also take action under laws administered through them, inrelevant cases, depending upon facts of each case. The Government has taken several steps, both </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">by way of policy initiatives as well as through more effective enforcement action on the ground,to more effectively tackle the issue of black money. These steps include putting in place robust legislative and administrative frame works, systems and processes with due focus on capacity building and integration of information and its mining through increasing use of information technology.</font></p> <p align="justify"><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Until Tomorrow with more <strong>DDT</strong></font></p> <p align="justify"><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Have a nice day.</strong></font></p> <p align="justify"><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Mail your comments to <a href="mailto:vijaywrite@tiol.in" target="_blank"><strong>vijaywrite@tiol.in</strong></a></font></p> </body> </html>