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: articles on VAT and GST in India :: VAT Audit :: cpt :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: VAT RATES :: empanelment :: TDS :: ACCOUNTING STANDARD :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: ACCOUNTING STANDARDS
 
 
Direct Tax »
 CBDT signifies achievements towards eliminating domestic black money
 Seafarers get tax exemption from Ministry of Finance
 Financial institutions need to get accounts self-certified for FATCA by April 30
 Direct tax incentives to promote start-ups
 Employer didn't deposit the TDS it deducted on your salary. How to claim it?
 Central Board of Direct Taxes clarifies on cash curb, Aadhaar
 CBDT to issue PAN, TAN within a day to improve Ease of Doing Business
 Expats who stayed in India for 182 days or more must apply for Aadhaar card: CBDT
 CBDT accomplishes direct taxes collection target for FY 2016-17
  No relief to those who defaulted on 1st IDS installment: CBDT
 New Income Tax forms: What information is being asked for? All you want to know about the new rules

Opt for e-Journal and Go Green
April, 27th 2016

The income-tax department is likely to summon all those Indians whose names appeared in the Panama Papers and seek sworn declarations on whether they held any undisclosed offshore accounts, and the purpose if that is the case, said people dealing with the matter.

Names of about 500 Indians, including top industrialists and Bollywood actors, featured in the millions of documents leaked from Mossack Fonseca, the Panama law firm that is at the centre of a massive global controversy for allegedly helping wealthy and powerful people in making shady and secret investments. The move to summon the Indians comes two weeks after the tax department sent notices to about 50 of them.

The persons were asked how their names featured in the documents. The government is checking whether they siphoned off money earned in India to tax havens, or violated any law while making investments abroad.

"Summons would be sent to everyone (named in the papers). Then their statement on oath would be recorded," said a person with knowledge of the matter. The notices could be sent within two months.

Income Tax department likely to summon all Indians named in Panama Papers

The enforcement directorate, a finance ministry wing that probes money-laundering cases, may also assist the tax department in the investigations, especially in collecting evidences, people in the know said.

An email sent to the office of the revenue secretary seeking comment didn't elicit any response until press time on Tuesday.

Legal and tax experts said their clients linked to the Panama Papers are worried about making statement on oath because they cannot change it later. Many of them also fear harassment by tax officers, a tax consultant said.

"The tax officers can demand explanations of income generated and tax paid in the last 16 years," said the tax consultant, who is helping a client in the Panama leak issue.

This means, the tax department can dig up cases from as early as 2000 to see if taxes had been paid.

India is also considering seeking information from the Panama government about the Indians linked to the Panama Papers, said a person in the know.

"Government would require bank statements if it were to prove a wrongdoing in the court of law," said a tax lawyer. Many of the people who figure in the papers could deny any links with the offshore deals. "The onus then, to provide evidence of otherwise, would be on the tax authorities," the lawyer added.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - We Bring IT. Offshore software outsourcing company. We use Global Delivery Model (GDM) and believe in Follow The Sun principle

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