BackBlack money: IT department to reopen tax returns of suspects
Black money: IT department to reopen tax returns of suspects
Premium
New Delhi: Faced with a number of cases of denial of secret foreign bank account holdings, the Income Tax department has decided to re-open past tax returns of such individuals in Mumbai and Delhi among others, in order to unearth black money stashed abroad.
The Central Board of Direct Taxes (CBDT) has decided to send the names of those taxpayers to the I-T assessment wing who have refused holding accounts in Swiss or Liechtenstein banks after India recently obtained their names during its fight to unearth illegal funds hidden in foreign shores.
“The I-T department in Mumbai, Delhi, Bangalore and Ahmedabad issued notices to those people whose names appeared on the classified list obtained from foreign countries.
These names, about 70, will now be sent to the respective assessment ranges and the assessing officer will re-open the corresponding I-T returns of the year which is reflected on the classified list obtained from various countries.
“The taxpayers entire income and transactions in that year will be re-checked electronically and manually to see if the denial is true," sources said.
According to sources, the list which the I-T department has received shows the name of the account holder, his passport number and the total amount held by him or her till recently in secret bank account.
India has obtained data of over 700 HSBC accounts from the French government.
In 80 cases, the department has detected undisclosed income of ₹ 438 crore and taxes of ₹ 135 crore have been realized so far.
In this context, the government has also imposed a penalty of ₹ 24.66 crore on 18 individuals who have bank accounts with LGT Bank of Liechtenstein on the basis of information provided by the German authorities.
Germany had last year provided the names of some Indians, having secret accounts in Liechtenstein’s LGT Bank.
These names were part of about 1,400 stolen bank account details purchased by Germany.
India, according to the finance ministry, has so far received over 9,900 pieces of information from several countries regarding suspicious transactions by Indian citizens, which are now under different stages of processing and investigation.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!
