Press Release of the Ministry of Finance dated 22.5.2012
Undisclosed Income of Rs.565 Crore Detected and Tax Rs.181 Crore Realized pursuant to the amended India-Swiss DTAA
The Amended Protocol between India and Switzerland amending the existing Double Taxation Avoidance Agreement (DTAA) between the two countries came into force on 7th October, 2011.
In 219 cases, undisclosed income of Rs. 565 crore has been detected and tax of Rs.181 crore realized so far.
This information was given by the Minister of State for Finance, Shri S.S. Palanimanickam written reply to a question in Rajya Sabha today.
Any work not started today can never be completed tomorrow. Anyway India has made a beginning and I am sure that from the tail end, we shall be able to expose the elephant of black money.