V
V.Balasubramani
Guest
[h=1]13,000 crore black money unearthed from overseas bank accounts[/h]HIGHLIGHTS
I-T officials detected undisclosed income of Rs 5,000 crore in foreign accounts 'linked' to 700 Indians.
· In at least 400 cases of Indians with deposits in HSBC, Geneva, the taxmen have found undisclosed income of Rs 8,186 crore.
NEW DELHI: The government's crackdown on those stashing undeclared income inoverseas bank accounts has started yielding results with the Income Tax authorities having unearthed more than Rs 13,000 crore from just two sets of information received in 2011 and 2013.
In at least 400 cases of Indians with deposits in HSBC, Geneva, the details of which were received from the French government in 2011, the Income Tax (I-T) authorities have unearthed undisclosed income of Rs 8,186 crore, the highest disclosure ever from offshore bank accounts, and raised a tax demand of about Rs 5,377 crore against such account-holders till March 31, 2016, according to an I-T assessment report.
In the HSBC case, the government had received information about 628 bank accounts. Of these, at least 213 were found "not actionable" as they either had no money in them or they belonged to nonresident Indians. Also, in some cases, the entities remained untraceable. "Out of the actionable cases, assessments have been completed in 398 cases, including those settled by the I-T Settlement Commission as well as cases where assessment proceedings have been dropped," according to the I-T report. A HSBC spokesperson declined to comment.
Read more at: http://timesofindia.indiatimes.com/...erseas-bank-accounts/articleshow/52930791.cms
I-T officials detected undisclosed income of Rs 5,000 crore in foreign accounts 'linked' to 700 Indians.
· In at least 400 cases of Indians with deposits in HSBC, Geneva, the taxmen have found undisclosed income of Rs 8,186 crore.
NEW DELHI: The government's crackdown on those stashing undeclared income inoverseas bank accounts has started yielding results with the Income Tax authorities having unearthed more than Rs 13,000 crore from just two sets of information received in 2011 and 2013.
In at least 400 cases of Indians with deposits in HSBC, Geneva, the details of which were received from the French government in 2011, the Income Tax (I-T) authorities have unearthed undisclosed income of Rs 8,186 crore, the highest disclosure ever from offshore bank accounts, and raised a tax demand of about Rs 5,377 crore against such account-holders till March 31, 2016, according to an I-T assessment report.
In the HSBC case, the government had received information about 628 bank accounts. Of these, at least 213 were found "not actionable" as they either had no money in them or they belonged to nonresident Indians. Also, in some cases, the entities remained untraceable. "Out of the actionable cases, assessments have been completed in 398 cases, including those settled by the I-T Settlement Commission as well as cases where assessment proceedings have been dropped," according to the I-T report. A HSBC spokesperson declined to comment.
Read more at: http://timesofindia.indiatimes.com/...erseas-bank-accounts/articleshow/52930791.cms
