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Rs.21,000- cr undisclosed income unearthed in 2 years

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Evasion of Rs. 50,000 crore of indirect taxes and undisclosed income of Rs. 21,000 crore had been unearthed in the past two years, the finance ministry said on Tuesday.
Listing steps by the government to tackle black money, the ministry said in a statement laws like the Undisclosed Foreign Income and Assets Act were responsible for the development.
The Act provided a window for declaring undisclosed income abroad, which was taxed at 30 per cent with an additional 30 per cent penalty. Failure to meet the compliance timeline attracted additional penalty of 90 per cent for a total tax liability of 120 per cent on the undisclosed income abroad.
“The value of smuggled goods seized has increased to Rs.3,963 crore in the last two years, a 32 per cent increase over the two previous years,” MoS for Finance Jayant Sinha tweeted on Tuesday. Prosecution rates had also risen 25 per cent, with 1,466 cases lodged, the ministry said. It added key suggestions of the special investigation team on black money chaired by former SC judge M B Shah had also been implemented.
Business Standard New Delhi,11th  May 2016

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