New Delhi: The government on Thursday said tax authorities have realised Rs 181 crore on undisclosed income of Rs 565 crore detected so far on the basis of information provided by the French government relating to certain bank accounts in a Switzerland bank.
"On the request of the government and persistent follow up in June 2011, France has provided details of Indians having bank accounts in one of the banks of Switzerland, under the provisions of Double Taxation Avoidance Convention (DTAC) between India and France," Minister of State for Finance S S Palanimanickam said in a written reply in the Rajya Sabha.
Investigation conducted led to detection of undisclosed income of about Rs 565 crore and realisation of taxes of about Rs 181 crore, he said.
Palanimanickam also added that the investigation in the cases where information was received from France are under progress including with the foreign tax authorities to obtain more information.
Based on the information received from the Government of France relating to certain bank accounts reportedly held by certain individuals or non-individuals in a foreign bank, he said, investigations have been undertaken by different jurisdictional authorities under the Income Tax Act 1961.
In a separate response, Palanimanickam said government receives information from various countries regarding assets including bank accounts held abroad by Indians under the respective Double Taxation Avoidance Agreements (DTAAs) or Tax Information Exchange Agreements.
Based on information received since March 2009 under DTAAs regarding foreign bank accounts maintained by certain individuals or non-individuals, undisclosed income of about Rs 600 crore has been detected and taxes of about Rs 200 crore have already been realised, he said.
Prosecution proceedings have so far been launched in 17 cases, Palanimanickam said, adding that information received from different countries under the automatic exchange of information arrangement is appropriately utilised for the purpose of investigation and assessment.
Replying to another question, he said the government has been vigorously pursuing the cases of black money stashed abroad and in bringing them back.
For this purposes, he said, a five pronged strategy has been adopted including imparting skills to the manpower for effective action and setting up institutions for dealing with illicit funds.
While these measures have started yielding results, the government is facing difficulties to bring black money deposited with the swiss banks on various grounds such as non-availability of official estimates on the black money, he added.
First Published: Thursday, December 20, 2012, 15:50