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Direct Tax »
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On specific cases relating to tax evasion and black
December, 08th 2011
money, Gujral said: "In the LGT (bank) case, prosecution has been launched, all cases are in court...the question is only how quickly we can initiate action, how quickly we can recover taxes." The government had imposed a penalty of Rs 24.66 crore on 18 individuals who have bank accounts with Liechtenstein's LGT Bank 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. Meanwhile, Central Board of Direct taxes (CBDT) Chairman M C Joshi said the black money committee, which has now been given time until January 31, 2012 to submit its report, has "not received a great response" from the public on suggestions (on issues like generation of blackmoney and bringing back illegal wealth stashed abroad). The Government had in May constituted an eight-member committee under the chairmanship of the chief of Central Board of Direct Taxes (CBDT) to examine ways of strengthening laws to curb generation of black money and prevent its transfer abroad, besides recovering such illegal assets. PTI RSN BKS KKS SKB CS TVS
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