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 Government working to create trust between taxpayer, I-T dept, but due taxes must be paid: CBDT

Black money row: Govt's 4 point action plan
September, 02nd 2011

Tax evaders' troubles just got bigger. TIMES NOW has accessed the Central Board of Direct Taxes (CBDT) four point action plan on the black money issue. The CBDT has asked Investigation Directorates to gather necessary intelligence about agents/officials of foreign banks operating in India who are soliciting opening of foreign bank accounts.

The CBDT has also asked the Income Tax to gather information on nationals having accounts in tax havens like Switzerland.

Thirdly, the CBDT has sought information through CIB regarding frequent foreign visits of Indian Nationals to tax havens.

Lastly, they have also asked investigative agencies to keep a close watch to collect evidence during search/survey operations, pertaining to opening foreign bank accounts or other immovable assets.

Earlier, Indian and foreign banks operating in the country had agreed to give income-tax authorities access to their data, a move that seeks to check accumulation of black money.

India has begun receiving information from other countries on financial transactions of Indians abroad after it signed tax information exchange agreements and revised Double Taxation Avoidance agreements with several countries.

Switzerland, a favourite destination for tax evaders, will also offer information on bank accounts held by Indians there from December.

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