« Direct Tax » Open DEMAT Account in 24 hrs  Net direct tax collections exceed 2023-24 target  Govt kicks off direct tax code revision  ITR 2024 25 Check tax department s update on TDS and refunds  Income Tax: Why did some taxpayers receive notice for discrepancy in house rent receipt? IT Dept explains  Income tax exemption: 4 financial instruments you can still invest into before March 31  CBDT drops small tax demands but not TCS, TDS claims  ITR Refund: Awaiting money from Income Tax? Here's why you have not yet received your amount  Income Tax Notice: What to do if you receive a Section 143 (1) notice from taxman?  Average tax return processing time cut to 10 days: CBDT  7 types of Income Tax Notice ITR filers may receive for AY 2023-24  ITR filing: Do these advance preparations before filing your income tax return «  Direct tax mop-up at Rs 4.46k crore... DTC changes may impact life insurance products... » I-T department decides to reopen tax returns of people December, 27th 2011 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.   But a number of them denied their liability either by saying the information the department has obtained from foreign shores has no legal sanctity or simply that they are not the one," top sources said.   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 Rs438 crore and taxes of Rs135 crore have been realised so far.   In this context, the government has also imposed a penalty of Rs24.   Rs66 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.