Blackmoney Bill to come up in Parliament next week; Centre initiates prosecution against offenders

In a stern warning to offenders, he said it would not be possible for anyone to hide unaccounted wealth as the international community is planning to put in place a mechanism for automatic exchange of information by 2017.

"Next week, I intend to take up before Parliament the law with regard to taxation of undisclosed assets and incomes abroad," Jaitley said at the 'Enforcement Day' function organised by the Directorate of Enforcement.

There will also be a window to help persons having such funds abroad to come clean by paying tax and penalty.

Jaitley said the government has been taken steps to unearth black money stashed abroad.   

"There are large number of cases...prosecutions against those offenders have been filed in last few months. The assessment of hundreds of those cases have been completed. 121 prosecutions have been filed by tax Department against them," he said.

With the international community including G-20 leaders taking various initiatives, it would become difficult for people to hide wealth within couple of years, he added.

Source: Online Hindi News and Newspaper

Black money Bill to be taken up in Parliament next week: Finance Minister

In a stern warning to offenders, he said it would not be possible for anyone to hide unaccounted wealth as the international community is planning to put in place a mechanism for automatic exchange of information by 2017.

"Next week, I intend to take up before Parliament the law with regard to taxation of undisclosed assets and incomes abroad," Jaitley said at the 'Enforcement Day' function organised by the Directorate of Enforcement.

The government in March introduced 'The Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015' which provides for heavy penalty and stiff punishment of up to 10 years for stashing unaccounted funds abroad.

There will also be a window to help persons having such funds abroad to come clean by paying tax and penalty.

Jaitley said the government has been taken steps to unearth black money stashed abroad.   

"There are large number of cases...prosecutions against those offenders have been filed in last few months. The assessment of hundreds of those cases have been completed. 121 prosecutions have been filed by tax Department against them," he said.

With the international community including G-20 leaders taking various initiatives, it would become difficult for people to hide wealth within couple of years, he added.

Source: Latest News

Blackmoney: Income Tax department files 121 cases against HSBC account holders

Sources said the cases have been filed in courts in Delhi, Mumbai, Bangalore, Ahmedabad and Goa before the closure of the just concluded financial year 2014-15 on March 31.

A report in this regard has also been sent to the Special Investigation Team (SIT) on black money which is now compiling all the figures and data to present an action taken report

before the Supreme Court on or before May 12.

Sources said the complaints were filed under I-T laws for tax evasion after investigations into these cases found that these individuals or entities were 'wilful' defaulters and had allegedly hidden their incomes by illegally keeping in the Swiss bank, from the taxman.

"About 121 cases have been filed before the March 31 deadline as after this time period these cases would have got time-barred and thus could not be legally prosecuted by the department.

The total undisclosed income brought to book in this particular case is approximately Rs 4,800 crore till now," the sources added.

Source: Latest News