IT Dept Probes Indian For Illegal Funds And Property Stashed Abroad

On Monday, officials said a new anti black money drive can be initiated for strict penal action and an operation has been introduced to investigate illegal properties and funds stashed abroad by Indian community. This is being done in coordination with foreign counterparts where investigation is being conducted for assets purchases and offshore bank deposits by " thousand of Indians".

There has been so far no elaboration and instead Sushil Chandra, CBDT Chairman has refused to comment.

As part of a big concerted action against black money, taxman already armed with overseas financial details from the financial intelligence unit and other probable sources is working on all such cases across India. And as part of the crackdown, the hunt now focus on some of the imminent people and HNIs .

The action will however be faced by individuals who have not been reflected in the ITRs before the taxman or have engaged in the exercise to evade tax payments to the government. The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act was introduced by the government in the year 2015.

The new legislation includes up to 120% tax and penalty on undisclosed foreign assets and income other than the jail term of up to 10 years.

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