NEW DELHI, Dec 7 (PTI): The government on Tuesday said undisclosed credits amounting to Rs 20,353 crore have been detected with respect to 930 India-linked entities in the Panama and Paradise Paper Leaks. Replying to a question in the Rajya Sabha, minister of state for Finance Pankaj Chaudhary also informed that taxes collected so far amount to Rs 153.88 crore in the Panama and Paradise Paper Leaks.
“As on October 1, 2021, total undisclosed credits amounting to Rs 20,353 crore have been detected with respect to 930 India linked entities in the Panama and Paradise Paper Leaks,” the minister said in a written reply.
He said tax department takes appropriate actions in case of persons, who are found to be involved in violation of the provisions of various Acts administered by the Income Tax Department like the Income Tax Act, 1961, and Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act,2015 etc.
“Such actions under direct tax law include searches and seizure, surveys, enquiries, assessment and reassessment of income, levy of taxes along with interest, levy of penalties, filing of prosecution complaints in criminal courts, wherever applicable,” he said.
In 52 cases of Panama and Paradise Paper Leaks, criminal prosecution complaints have been filed under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.
Further, in 130 cases proceedings under Black Money (Undisclosed Foreign Income and Assets) and Imposition of tax Act, 2015 have been initiated.
Some Indian names have been released in the media which are allegedly linked to the Pandora Papers Leak.
Chaudhary further said the government has taken cognisance of the same and for the purpose of coordinated and speedy investigation brought the Pandora Papers Leak under the umbrella of Multi Agency group (MAG). The MGA has been constituted under the convenor-ship of chairman CBDT, with Directorate of Enforcement, Reserve Bank of India, Financial Intelligence Unit India and Foreign Tax and Tax Research division of CBDT as its members agencies.
Further, investigation is under progress, the minister added.