(v) India has entered into information sharing agreement with the USA under the Foreign Account Tax Compliance Act of USA.

(c): Income Tax Department takes appropriate action under relevant laws against the tax evaders. Such action under direct tax laws includes searches, surveys, enquiries, assessment of income, levy of tax, interest, penalties, etc. and filing of prosecution complaints in criminal courts, wherever applicable. The details of prosecution complaints filed during last 5 years by the Income Tax Department under Income Tax Act, 1961 are as under:

*Figures are provisional.

Further,  more than  107 prosecution complaints have been filed under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.

(d): As a result of systematic actions, as on 31.05.2021, the following results have been achieved:

• As on 31.05.2021, assessment orders under section 10(3)/10(4) of the Black Money Act, 2015 have been passed in 166 cases, wherein demand of Rs. 8216 crores has been raised.
• Undisclosed income of Rs. 8,465 crores (approx.) has been brought to tax and penalty of Rs. 1294 crores has been levied in HSBC cases.
• Undisclosed income of Rs. 11,010 crores (approx.) has been detected in ICIJ (International Consortium of Investigative Journalists) cases.
• In the Panama Papers Leaks cases, undisclosed credits of Rs. 20,078 crores (approx.) have been detected.
• In the Paradise Papers Leaks cases, undisclosed credits of Rs. 246 crores (approx.) have been detected.

Government of India

Ministry of Finance

Department of Revenue

Central Board of Direct Taxes

New Delhi, 3rd August, 2021

PRESS RELEASE

CBDT extends due dates for electronic filing of various Forms under the Income-tax Act,1961

On consideration of difficulties reported by the taxpayers and other stakeholders in electronic filing of certain Forms under the provisions of the Income-tax Act,1961 read with Income-tax Rules,1962 (Rules), Central Board of Direct Taxes (CBDT) has decided to further extend the due dates for electronic filing of such Forms vide Circular No.15/2021 dated 03.08.2021. The details are as under:

(i) The Quarterly statement in Form No. 15CC to be furnished by authorized dealer in respect of remittances made for the quarter ending on 30^th June, 2021, required to be furnished on or before 15^th July, 2021 under Rule 37BB of the Rules, as extended to 31^st July,2021 vide Circular No.12 of 2021 dated 25.06.2021, may be filed on or before 31^st August, 2021;

(ii) The Equalization Levy Statement in Form No.1 for the Financial Year 2020- 21, which was required to be filed on or before 30^th June, 2021, as extended to 31^st July, 2021 vide Circular No.12 of 2021 dated 25.06.2021, may be filed on or before 31^st August, 2021;

(iii) The Statement of Income paid or credited by an investment fund to its unit holder in Form No. 64D for the Previous Year 2020-21, required to be furnished on or before 15^th June, 2021 under Rule 12CB of the Rules, as extended to 15^th July,2021 vide Circular No.12 of 2021 dated 25.06.2021, may be furnished on or before 15^th September,2021;

(iv) The Statement of Income paid or credited by an investment fund to its unit holder in Form No. 64C for the Previous Year 2020-21, required to be furnished on or before 30^th June, 2021 under Rule 12CB of the Rules, as extended to 31^st July, 2021 vide Circular No.12 of 2021 dated 25.06.2021, may be furnished on or before 30^th September, 2021.

            Further, considering the non-availability of the utility for e-filing of certain Forms, the CBDT has decided to extend the due dates for electronic filing of such Forms as under:

(1) Intimation to be made by a Pension Fund , required to be furnished on or before 31^st July,2021 under Rule 2DB of the Rules, may be furnished on or before 30^th September, 2021;

(ii) Intimation to be made by Sovereign Wealth Fund in respect of investments made by it in India in Form II SWF for the quarter ending on 30^th June,2021, required to be furnished on or before 31^st July,2021 as per Circular No.15 of 2020 dated 22.07.2020, may be furnished on or before 30^th September, 2021.

CBDT Circular No. 15/2021 in F.No.225/49/2021/ITA-II dated 03.08.2021issued today, is available on www.incometaxindia.gov.in. It is also clarified vide the said Circular that the above forms, e-filed, after the expiry of time limits provided as per Circular No.12 of 2021 dated 25.06.2021 or as per the relevant provisions, till date of issuance of said Circular, will stand regularised accordingly.

(Surabhi Ahluwalia)

Commissioner of Income Tax

(Media & Technical Policy)

Official Spokesperson, CBDT

Ministry of Corporate Affairs

12,889 shell companies struck off in FY 2020-21

Dated: 03 AUG 2021

There is no definition of the term “Shell Company” in the Companies Act. It normally refers to a company without active business operation or significant assets, which in some cases are used for illegal purpose such as tax evasion, money laundering, obscuring ownership, benami properties etc. This was stated by Union Minister of State for Corporate Affairs Shri Rao Inderjit Singh in a written reply to a question in Rajya Sabha today.

On the identification shell companies, the Minister stated that the Special Task Force set up by the Government to look into the issue of “Shell Companies” has inter-alia recommended the use of certain red flag indicators as alerts for identification of Shell Companies.

Giving more details, the Minister stated that the Government has undertaken a Special Drive for identification and strike off of Companies by invoking the provisions of section 248 (1) of the Act by which the Registrar of Companies (RoC) struck off those companies after following the due process of law from the Register of companies when RoC has reasonable cause to believe that those companies are not carrying on any business or operation for a period of two immediately preceding financial years and has not made any application within such period for obtaining the status of a dormant company under section 455.

The Minister listed the total number of companies struck off u/s 248 State/Union Territory-wise as under:

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RM/KMN

(Release ID: 1741989) 

STATEMENT REFERRED TO IN REPLY TO PART (a) TO (c) OF RAJYA SABHA STARRED QUESTION NUMBER *84 FOR 27-07.2021, REGARDING PANAMA PAPERS SCAM BY SHRI SUKHENDU SEKHAR RAY:

(a) As on 01.06.2021, total undisclosed credits amounting to Rs. 20,078 crores have been detected with respect to India linked entities in the Panama Paper Leaks.

(b) Disclosure of information regarding specific taxpayers is prohibited except as provided under section 138 of the Income-tax Act, 1961 and section 84 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.

(c) Income 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 & seizure, surveys, enquiries, assessment and reassessment of income, levy of taxes along with interest, levy of penalties, filing of prosecution complaints in criminal courts etc., wherever applicable. In 46 (forty six) cases of Panama Paper Leaks, Criminal prosecution complaints have been filed of which 20 cases are under the Income Tax Act, 1961 and 26 cases are under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 put together.

Ministry of Finance

Direct tax collection doubled for first quarter of current fiscal

Dated: 27 JUL 2021

Direct tax collection for the first quarter of the current fiscal has doubled. This was stated by Union Minister of State for Finance Shri Pankaj Chaudhary in a written reply to a question in Rajya Sabha today.

The Minister stated that the net direct tax collection in the 1st quarter of FY 2021-2022 is Rs. 2,46,519.82 crore as against Rs. 1,17,783.87 crore during the same period of previous FY 2020-21.

Giving reasons for increase in the tax collections, the Minister stated that it includes revival of economic activities and positive sentiments among taxpayers during this current financial year leading to increased income estimates and higher advance tax payments in the first quarter of the FY 2021-22 as compared to the corresponding period of FY 2020-21.

To the question of direct tax collections in the second quarter of the current  fiscal, the Minister stated that the collection of taxes during second quarter cannot be ascertained for the present as the second quarter has just started

On details of indirect tax collections of the first two quarters of the current  fiscal, the Minister stated that the second quarter of the current fiscal has just started, however the details of Net Indirect Tax (GST and Non-GST) revenue collection in the 1st quarter of FY 2021- 2022 is Rs. 3,11,398 crore.

Stating about Vivad-se-Vishwas Scheme, the Minister said the Government has resolved significant number of pending direct tax disputes amicably with the taxpayers under Vivad-se-Vishwas Scheme, 2020. This was the primary objective of the Scheme as provided in the short title therein ‘An Act to provide for resolution of tax and for matters connected therewith or incidental thereto’. The declarations received under the Scheme cover around 28.73% of pending tax disputes. Additional tax revenue received is an additional positive outcome.

On the recovery of economy, the Minister stated that the increased tax collection (Direct & Indirect) as reported in the first quarter of the current financial year as compared to the same period previous financial year shows that the economy is on the recovery path. Higher tax collection would enable Government in increasing public expenditure which would have a positive impact on GDP, the Minister stated.

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RM/KMN
(Release ID: 1739650)