Insta
Declare Your Foreign Assets Or Else: CBDT Looks To Enforce Prosecution Under The Black Money Act
Swarajya Staff
Dec 06, 2018, 04:46 PM | Updated 04:46 PM IST
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
The government has stated that those who fail to disclose information on income derived from overseas assets in ITR (Income Tax Returns) forms, might be subjected to prosecution, as reported by MoneyControl.
“Under the Black Money Act, money, even if sent through legal sources, without revealing it in the income tax return formalities; one can face prosecution for not disclosing foreign assets. The department is taking strong enforcement actions against such people,” CBDT (Central Board for Direct Taxes) Chairman, Sushil Chandra, said.
This move builds upon the current government’s efforts to curb black money in the Indian economy and help the authorities to monitor the flow of funds in and out of the country. Black money refers to income sourced through illegal means or not disclosed to avoid taxes.
Mr Chandra also noted that the Indian government has AEOI (Automatic Exchange Of Information) agreements with over 70 countries. This is expected to reduce the delay in tracking fraudulent transactions between India and such nations.
It was reported in October 2018 that CBDT was coordinating efforts with its foreign counterparts in investigating offshore bank deposits and purchase of assets by thousands of Indians. CBDT has also identified suspicious 80,000 bank accounts in India that witnessed large cash deposits after demonetisation.
Also Read: Modi Government May Announce Direct Tax Proposals In The Next Budget
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.