The department, in coordination with its foreign counterparts, is investigating offshore bank deposits and purchase of assets
New Delhi: In a bid to crack down on Indians with black money stashed away abroad, the IT department launched a major operation to investigate the same with the help of the new anti-black money law for strict criminal action. The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act was brought into effect in 2015.
The department and its foreign counterparts have been investigating offshore bank deposits and purchase of assets by many Indians. A majority of these cases involve prominent people and high-net-worth individuals in the country.
The top boss, Sushil Chandra, chairman of the Central Board of Direct Taxes has confirmed the move.
Official sources said the taxman, armed with vital transaction details of overseas transactions from the financial intelligence unit and other sources, is working on such cases across the country. This was part of a major “concerted” action against black money.
Following this, notices have been issued to taxpayers asking for an explanation of the transactions. However, only those transactions which have not been reflected in the income tax returns or seem to be done with an intent to evade taxes will face criminal action under the new anti-black money law.
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Last Updated Oct 23, 2018, 4:53 PM IST