Over Rs. 1.37 lakh crore of tax evasion detected in past 3 years

Arrests were made in 79 cases and properties worth Rs.14,933 crore were attached by Enforcement Directorate.

GN Bureau | April 7, 2017


#ED   #taxes   #tax evasion   #benami assets  


In the fight against black money over the past three years, 23,064 searches/surveys have been conducted, authorities said.
 
Also, more than Rs. 1.37 lakh crore of tax evasion has been detected.
 
Simultaneously, criminal prosecutions were launched in 2814 cases and 3,893 persons were placed under arrest.
 
The Enforcement Directorate intensified its anti-money laundering actions by registering 519 cases and conducting 396 searches. Arrests were made in 79 cases and properties worth Rs.14,933 crore were attached.
 
The Benami prohibition law which remained in-operative for last 28 years was made operational through a comprehensive amendment with effect from November, 2016. More than 245 benami transactions have already been identified. Provisional attachments of properties worth Rs.55 crore have already been made in 124 cases.
 
Effective steps were taken to track & curb cash transactions through various means like penalising cash transaction of more than Rs.2 lakh; limiting allowable cash expense up-to Rs.10000 only; making Aadhaar mandatory for obtaining PAN & filing of income tax returns; making PAN mandatory for cash deposits above Rs.50,000; compulsory linking of PAN with bank accounts; prohibiting cash of Rs.20,000 or more in transfer of immovable property by imposition of a penalty of an equal amount and mandatory reporting of cash deposits above Rs.2.5 lakh in savings accounts and Rs.12.5 lakh in current account during November 9 to December 30, 2016.
 
Crackdown against thousands of shell companies engaged in nefarious activities was effected through enforcement actions. During the last three financial years (2013-14 to 2015-16), Income Tax investigations led to detection of more than 1,155 shell companies / entities used as conduits by over 22,000 beneficiaries. The amount involved in non-genuine transactions of such beneficiaries was more than Rs. 13,300 crore.
 
The Ministry of Corporate Affairs has issued more than a lakh notices for striking off names of defunct / non-compliant companies. A high powered group has been set-up for co-ordinating and monitoring the actions taken by departments concerned with the objective of eliminating the conduits of black money generation and application.
 

Comments

 

Other News

3 out of 4 Covid-19 patients in 21-60 yrs age group

Contrary to the perception that the elderly are more at risk from Covid-19, in India as many as 41.88% of corona positive cases are between 21 to 40 years of age. Also, 32.82% positive cases are between 41 to 60 years, followed by 16.69% cases above the age of 60 years and 8.61% coronavirus positive cases

Why everyone should wear mask

In view of the increasing number of COVID -19 cases in the country, the ministry of health and family welfare (MoHFW) has now advised that everyone must voluntarily wear a mask and especially those living in densely populated areas.   Not just as a matter of maintaining personal hygiene

Fighting Covid-19, India has realized its collective strength: PM

In the face of the Covid-19 pandemic, people of India have realized their collective strength, prime minister Narendra Modi said in a short video message Friday morning. He also urged people to light lamps Sunday night as a gesture of this collectivity. “Today marks nine days of the na

COVID-19 demobilisation: Lessons for public governance

Demobilization, like its predecessor – demonetization, is another decision gone bad in implementation.  In both instances a careful public administrative action through its governance systems could have saved the magnitude of impact particularly on the most vulnerable sections of the society. Th

Don’t fear Corona, fight it

In a bid to break the “chain of transmission” of the deadly Covid-19, India, a country with more than 1.3 billion population, observed a voluntary ‘Janata Curfew’ on March 22. This has been followed by a 21-day, nationwide lockdown from March 24. Prime minister Narendra Modi also re

Sci-Tech Empowered Committee set up for COVID-19

To take speedy decisions on research and development for Sars-Cov-2 virus and COVID-19, the government has constituted a Science and Technology Empowered Committee. The committee, set up on March 29 and chaired by Niti Aayog member, professor Vinod Paul and professor K Vijay Raghavan, princi



Archives

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter