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News INCOME TAX

  • Jul 26, 2022
  • Rs 14,820 crore tax demand raised under black money law on foreign income: Modi Govt in Lok Sabha

    The government on Monday said it has raised a tax demand of Rs 14,820 crore after completing assessment in 368 cases under the black money law dealing with undisclosed foreign income.

    In a written reply in the Lok Sabha, Finance Minister Nirmala Sitharaman said in the cases related to deposits made in unreported foreign bank accounts in HSBC, undisclosed income of more than Rs 8,468 crore have been brought to tax and penalty of over Rs 1,294 crore has been levied.