Panama and Paradise paper leak case: Undisclosed credits worth Rs 20,353 Cr detected

Guwahati: In the Panama and Paradise Paper Leaks, the government announced on Tuesday that undeclared credits of Rs 20,353 crore have been discovered in relation to 930 India-linked organizations.

In response to a query in the Rajya Sabha, Minister of State for Finance Pankaj Chaudhary said that taxes collected so far in the Panama and Paradise Paper Leaks were Rs 153.88 crore.

“As of 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 stated that the tax department takes appropriate action against individuals found to be in violation of the provisions of various Acts administered by the Income Tax Department, such as the Income Tax Act, 1961, and the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, among others.

“Searches and seizures, surveys, inquiries, income assessment and reassessment, levy of taxes with interest, imposition of penalties, and filing of prosecution cases in criminal courts, wherever applicable,” he stated.

In addition, the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 have been used to start proceedings in 130 cases.

The media has published certain Indian names that are supposedly linked to the Pandora Papers Leak.

Chaudhary continued, “The government has taken cognizance of the situation and has brought the Pandora Papers Leak under the umbrella of the Multi-Agency Group in order to conduct a coordinated and expeditious inquiry” (MAG).

The MGA was established under the chairmanship of the Chairman CBDT, with members including the Directorate of Enforcement, Reserve Bank of India, Financial Intelligence Unit India, and CBDT’s Foreign Tax and Tax Research division.

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