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

Revadi, electoral reforms and fiscal responsibility

Revadi (sweetmeat) or more popular word, ‘freebies’, has been dominating headlines recently. A public interest litigation (PIL) has been filed in Supreme Court to bar all political parties from making such promises. In response, one leading political party, Aam Aadmi Party (AAP), has filed thei

Jal Jeevan Mission: 6.70 crore households provided with tap water connections

Since August 2019, Government of India, in partnership with States, is implementing Jal Jeevan Mission (JJM) to make provision of potable tap water supply every rural household by 2024. As many as 6.70 crore households have been provided with tap water connections in the 35 months, since Aug

Cloud inclusivity: Ensuring highly regulated organisations are ready for a cloud-first world

Over the last few years, cloud has been able to create a special place for itself amongst fast moving, competitive and growth-led organisations. As the technology became an imperative, it has undoubtedly created unique business opportunities and isbecoming an anchor for innovation for leading businesses gl

1.29 crore voters chose NOTA in five years

None-of-the-above, or NOTA – the option introduced for voters in 2013 when they don’t want to support any of the candidate – has made some progress. In the past five years, NOTA has secured 1,29,77,627 votes in state assembly elections and Lok Sabha election, according to an analysis by t

India committs to reduce Emissions Intensity of GDP by 45% by 2030

India stands committed to reduce Emissions Intensity of its GDP by 45 percent from the 2005 level by 2030 and achieve about 50 percent cumulative electric power installed capacity from non-fossil fuel-based energy resources by 2030. The country’s India’s updated Nationally Determined Contributi

5G spectrum auction grosses Rs. 1,50,173 crore

The government had put 72,098 MHz spectrum to auction, of which 51,236 MHz (71% of the total) has been sold with bid amounting to Rs. 1,50,173 crore. Adani Data Networks Ltd has obtained 400 MHz spectrum in mm wave band (26 GHz). Bharti Airtel Ltd has obtained 19,867.8 MHz in 900, 1800, 2100

Visionary Talk: Amitabh Gupta, Pune Police Commissioner with Kailashnath Adhikari, MD, Governance Now


Archives

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter