Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: VAT Audit :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4% :: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: VAT RATES :: articles on VAT and GST in India :: due date for vat payment :: form 3cd :: ACCOUNTING STANDARDS :: ACCOUNTING STANDARD
 
 
Indirect Tax »
 Income Tax Department Steps up Actions under Benami Transactions (Prohibition) Amendment Act, 2016
 Register for GST, if you pay indirect, service tax
 Income tax raids on Uttar Pradesh bureaucrats on charges of tax evasion
 Only genuine farm income must be exempt from tax’
 CBEC rechristened Central Board of Indirect Taxes and Customs
 Income tax department to challenge ITAT relief to Cairn Energy in HC
 5 crucial ways how doing business will be different under GST
 What is the lowdown on the Goods and Services Tax
 Ineligible Input Tax Credit Under Gst Regime
 What is GST, how is it different from now: Decoding the indirect tax regime
 Indirect tax collection can fall short of FY’17 target

I-T to get Rs 80 cr tax on stashed black money
November, 21st 2011

Over a score of black money hoarders in the capital, most of them businessmen, will pay Rs 80 crore as taxes to the Income Tax department on undisclosed income of about Rs 500 crore following searches made across the city on the basis of a classified list of account holders in HSBC bank,

Geneva.
Sleuths of the enforcement and investigation wings of the I-T department carried out searches in the last two months on 22 individuals based in Delhi who have admitted to holding accounts and stashing funds in the foreign bank.

According to initial estimates, the undisclosed income of these accounts could be around Rs 500 crore. The information was extracted on the basis of details of over 700 HSBC accounts received from the French government.

"Rs 18 crore has already been remitted to the department after the searches were launched. The I-T department is preparing final search and seizure documents in all the cases and has asked these tax payers to provide their documents related to their finances in the last two assessment years," top sources in the department said.

Out of the 22 individuals, none are politicians but have businesses of various types.

The I-T department's special wing, working on the case, has got 'on paper' admission of a total of Rs 80 crore as unpaid taxes by these individuals. The action was taken after the department received the list of these 22 individuals from the Central Board of Direct Taxes (CBDT) some time back, which has supposedly sourced it from some channels related to HSBC bank Geneva.

The sources said the defaulters have agreed to pay Rs 80 crore as taxes.

The department, meanwhile, is also tracking few individuals who are shown to be residents of Delhi and nearby areas in the classified list but are not traceable now.

According to sources, a select team of I-T sleuths have been conducting searches across Delhi in the last two months armed with warrants issued by the competent authority but the searches did not yield 'on the spot' results.

The I-T teams then asked the individuals about their names figuring in the foreign bank and the amounts being reflected against their names. After a little revelation of facts, the individuals accepted to have stashed the funds abroad without the knowledge of Indian tax authorities.

The department then asked them to pay their due taxes or else face prosecution proceedings and re-assessment of their returns.

A top official said the searches were conducted under heavy cover of secrecy as the buzz of such a list becoming public was already there and those who had their accounts in foreign banks had a gut feeling of an impending action against them by enforcement agencies.

Finance minister Pranab Mukherjee has earlier said that the government has received information from France about the overseas bank accounts of Indians.

"In 69 cases, the taxpayers have admitted to unaccounted income of Rs 397.17 crore. Taxes of Rs 30.07 crore have also been paid," he had said.

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.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Work Flow Workflow Software Software Automation Workflow automation Software Design Workflow Design Business Work Flow Workflow automation tools

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions