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

Maharashtra to spend Rs 2,500 crore to augment, develop power infrastructure

The Maharashtra government has announced a spending of Rs 2,500 crore annually to develop infrastructure of state-owned distribution company Mahavitaran (MSEDCL).   Out of the total amount, Rs 1,500 crore will be spent on energisation of conventional agriculture pumps and Rs 1,000 crore

Launched: Largest vaccination drive in history

India on Saturday began the massive vaccination drive against Covid-19, as prime minister Narendra Modi paid tributes the ‘corona warriors’. “Such a vaccination drive at such a massive scale was never conducted in history. There are over 100 countries having less than 3 cro

"TV not in business of news; it is in the business of polarisation”

Television news these days has a loose relationship with truth, says senior journalist, columnist and author Vir Sanghvi, adding that it is not telling the truth and polarising opinions. In a live webcast with Kailashnath Adhikari, MD, Governance Now, during the Visionary Talk series held by

How the colonial rulers combated “this insidious and growing danger” of dust and smoke

Dust and Smoke: Air Pollution and Colonial Urbanism: India, c. 1860-1940 By Awadhendra Sharan Orient BlackSwan, xxiv+320 pages, Rs 795 Air pollu

Unlocking the value of renewable energy assets through InVITs in India

India has been witnessing a sluggish demand growth for power amidst COVID-19. It has affected both thermal as well as renewable energy (RE) sector. While thermal sector (coal) plant load factor (PLF) is coming down continuously amidst no new generation building up, renewable energy held its ground through

“Proposed power amendments anti- people, favor licensees”

Maharashtra Veej Grahak Sanghatana, a state-level coordination committee of industrial associations and power consumers, has approached the state government for urgent intervention on key concerns after Maharashtra Electricity Regulatory Commission on December 9 published the draft of the MERC (Electricity

Visionary Talk with Vir Sanghvi On the future of News Journalism





Archives

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter