The Rajya Sabha was informed that the government has raised a staggering Rs 35,105 crore in tax and penalty demands and filed 163 prosecution complaints under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, as of March 31, 2025. Minister of State for Finance Pankaj Chaudhary revealed that Rs 338 crore has been recovered in taxes, penalties, and interest since the law’s inception on July 1, 2015.

Chaudhary stated that 1,021 assessments have been completed, with tax demands finalized after appeals at various judicial levels, including the CIT(A), ITAT, High Court, and Supreme Court. The 2015 Act mandates taxpayers to disclose all foreign assets and income in income tax returns, with non-disclosure triggering penalties.

India’s efforts are bolstered by information-sharing agreements with over 100 foreign tax jurisdictions, enabling robust tracking of undisclosed foreign income. This aggressive crackdown underscores the government’s commitment to curbing black money and enforcing financial transparency.

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