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Jul 23, 2025
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Rs 35,105-crore tax demand raised under foreign black money law
The government has raised tax and penalty demands of over Rs 35,105 crore and filed 163 prosecution complaints between July 1, 2015 and March 31, 2025, under the foreign black money law, minister of state for finance Pankaj Chaudhary told Rajya Sabha on Tuesday.
Furthermore, 1021 assessments have been completed under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (BMA) till March 31.
Under the law, the government has recovered Rs 338 crore towards tax, penalty and interest between July 1, 2015 and March 31, 2025, the minister said.
“The tax demand gets crystallised conclusively when appeals, if any, preferred before CIT(A), ITAT, High Court and Supreme Court are decided,” he said.
Disclosure requirements
Under the Black Money Act, 2015, it is mandatory for assesses to disclose all foreign assets and income in specified schedules while filing I-T returns. Any non-disclosure attracts a penalty.
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