Income Tax Department launches major drive against Indians with illegal foreign assets; thousands under scanner

Income Tax Department in coordination with their foreign counterparts, is investigating offshore bank deposits and purchase of assets by 'thousands of Indians'

Press Trust of India October 22, 2018 18:11:36 IST
Income Tax Department launches major drive against Indians with illegal foreign assets; thousands under scanner

New Delhi: The Income Tax Department has launched a major operation to investigate cases of illegal funds and properties stashed abroad by Indians and may invoke the new anti-black money law for strict criminal action in many such cases, officials said Monday.

The department, in coordination with their foreign counterparts, is investigating offshore bank deposits and purchase of assets by "thousands of Indians", the officials added.

The CBDT Chairman Sushil Chandra confirmed the move but refused to elaborate.

Income Tax Department launches major drive against Indians with illegal foreign assets thousands under scanner

Representational image. Reuters

Officials, however, said the taxman, armed with vital transaction details of overseas transactions from the financial intelligence unit (FIU) and other sources, is working on such cases across the country and this was part of a major "concerted" action against black money.

In a number of cases, notices have been issued to individuals or other category of taxpayers to explain their transactions, the officials said.

A number of these cases involve high-profile and prominent people, while several high-net-worth individuals are under the scanner. However, only those cases will face criminal action under the new anti-black money law which have not been reflected before the taxman in the income tax returns (ITRs) or have been done with an intent to evade taxes, they said.

The government brought this new law -- The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act -- in 2015.

The new legislation deals with cases of overseas illegal assets, which till recently were probed under the Income Tax Act, 1961. This new legislation has provisions for a steep 120 percent tax and penalty on undisclosed foreign assets and income, besides a jail term of up to 10 years.

Updated Date:

also read

Here's why you need to still file your income tax return after paying TDS
Business

Here's why you need to still file your income tax return after paying TDS

TDS is the tax deducted at source and represents only a part of the income tax that you are liable to pay, if you are above the exemption limits set by the government

ITR filing Assessment Year 2022-23 last date today: Nearly 34 lakh returns filed till 4 pm
Business

ITR filing Assessment Year 2022-23 last date today: Nearly 34 lakh returns filed till 4 pm

According to tax laws, a Rs 5,000 late fee would be payable by people having an annual income of over Rs 5 lakh, if they file their ITR by 31 December of the assessment year

Govt extends e-filing date for income tax returns to 31 Aug
Economy

Govt extends e-filing date for income tax returns to 31 Aug

The government today extended the last date for e-filing of income tax returns till 31 August after power failure disrupted normal life in many parts of the country.