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News:
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In 2014-15, the government seized Rs 761.70 crore in 545 searches, Rs 807.84 crore in 569 cases in 2013-14 and Rs 575.08 crore in 422 searches in 2012-13, Minister of State for Finance Jayant Sinha said.
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There were 34 convictions in 2014-15, 41 in 2013-14 and 10 in 2012-13, respectively.
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“The existing laws to deal with evasion of direct taxes include Income Tax Act and the Black Money (Undisclosed Foreign Income and Assets and Imposition of Tax Act, 2015,” he said.
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Further, the minister informed that to curb domestic black money, the Benami Transactions (Prohibition) Amendment Bill, 2015 has been introduced to amend the Benami Transactions Act, 1988.
Source: ET
