Insta
Declare Your Foreign Assets Or Else: CBDT Looks To Enforce Prosecution Under The Black Money Act
Representative image. (Rajkumar/Mint via Getty Images)
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.
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.
Introducing ElectionsHQ + 50 Ground Reports Project
The 2024 elections might seem easy to guess, but there are some important questions that shouldn't be missed.
Do freebies still sway voters? Do people prioritise infrastructure when voting? How will Punjab vote?
The answers to these questions provide great insights into where we, as a country, are headed in the years to come.
Swarajya is starting a project with an aim to do 50 solid ground stories and a smart commentary service on WhatsApp, a one-of-a-kind. We'd love your support during this election season.
Click below to contribute.
Latest
