Income Tax dept issues notices in 422 cases for undisclosed foreign assets
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The notices have been issued under the Black Money (Undisclosed Foreign Income & Assets) and Imposition of Tax Act, which came into effect on July 1, 2015.
Giving details of action taken by tax authorities in some significant categories of foreign assets or income cases, Thakur said that undisclosed income of more than Rs 8,460 crore has been brought to tax and penalty of more than Rs 1,290 crore has been levied, on deposits made in unreported foreign bank accounts in HSBC cases. About 204 prosecution complaints have been filed.
“Sustained investigations conducted in the cases revealed by International Consortium of Investigative Journalists (ICIJ) have led to detection of more than Rs 11,010 crore of credits in the undisclosed foreign accounts so far. About 99 prosecution complaints have been filed,” Thakur said.
In the Panama Paper Leaks investigations, undisclosed foreign investments amounting to over Rs 1,550 crore have been detected. About 38 prosecution complaints have been filed, he added.#casansaar (Source - Economic Times Website)
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