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Denmark, Finland give info on bank transactions
November, 30th 2011

The government on Tuesday said India has received information on bank transactions from Denmark and Finland under the respective Double Taxation Avoidance Agreements (DTAA) and the Central Board of Direct Taxes (CBDT) is examining it.

Information relating to about 1,500 transactions has been recently received from Denmark and Finland under the DTAA, Minister of State for Finance S S Palanimanickam said in a written reply to the Rajya Sabha.

The minister added that action under the direct tax law is taken in all cases where information is received by the CBDT regarding foreign assets of or transactions by Indians and any undisclosed income detected thereon is taxed.

In a written reply to an another question, Finance Minister Pranab Mukherjee said France has provided information about Indians having accounts in a bank based in Switzerland.

Palanimanickam said that various foreign governments give information under DTAAs and the Tax Information Exchange Agreements (TIEA) regarding foreign assets and transactions by Indians.

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