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: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment :: ACCOUNTING STANDARD :: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: Central Excise rule to resale the machines to a new company :: form 3cd :: ACCOUNTING STANDARDS :: due date for vat payment :: list of goods taxed at 4% :: articles on VAT and GST in India :: cpt :: VAT Audit
 
 
« General »
 Tax Department To Launch 2nd Phase Of Bank Accounts' Scrutiny Next Month
 How to claim tax benefit on tuition fees under Section 80C
 Online Income Tax grievance redressal facility launched at 60 offices
 Demonetisation impact on government tax revenue marginal; direct tax personal income grew at above budget estimates
 ICAI seeks more accountability, transparency in defence sector
 Will Budget help double farmers’ income?
 Verify online deposits made post demonetisation, income tax department asks taxpayers
 Union Budget 2017: Best budget is do not change anything, do no harm, implement well
 Why salaried class deserves standard deduction
 3 new taxes that Modi government could introduce, but won't
 Tax gains may showcase demonetisation windfall

Tax notices to over 100 Swiss bank account holders in Mumbai
December, 21st 2011

More than 100 individuals in Mumbai, including a few corporate biggies, have received notices from the Income-Tax Department this month for holding undisclosed bank accounts with HSBC Geneva.

They are among the 700 Swiss bank account holders whose names figure in the list shared by the French authorities with the Indian government a few months ago. The French had obtained the information from a former HSBC employee.

The tax department is in a hurry to meet the December 31 deadline set by the Central Board of Direct Taxes for sending notices to these individuals.

"A few prominent names in Mumbai's corporate world are in the list," a senior incometax official told ET. He said some of them have voluntarily disclosed their numbered accounts following which they were served notices under Section 148 of the Income Tax Act.

It's a procedure the taxman follows to regularise an assessment after collecting the unpaid tax amount together with the interest. In some cases, the department also uses its discretion to slap penalties. Members belonging to a leading industrial family have disclosed their HSBC Geneva accounts.

"One of them is based in Mumbai while the other family member is based down South. The latter is a beneficiary of a trust that holds Rs 300 crore in its HSBC Geneva account.

The amount disclosed by the person in Mumbai is about Rs 50 crore," said a source in the tax department. He confirmed that subsequently these individuals have revised their tax returns as allowed under Section 148.

Of the 700 in the list, close to 200 account holders of HSBC Geneva are from Mumbai. The tax department is expected to serve notices to more people once it surveys their offices and in a few cases residences.

"Not all who have received notices have replied," said a tax official. According to him, the department will soon have to deal with more such lists of Swiss bank account holders.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Internet Marketing Website Marketing Internet Promotion Internet Marketing India Website Marketing India Internet Promotion India Internet Marketing Consultancy Website Marketing Consulta

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