Income Tax Department under FATC spotted Rs.125 undisclosed income

Income Tax Department under FATC spotted Rs.125 undisclosed income

The IT Department under the FATC (Foreign Account Compliance Act) has spotted worth Rs. 125 crore, which is a part of unclosed income. The Director General of Income Tax Department and Intelligence & Criminal Investigation Department has found undisclosed income of more than 9000 cases.

Under Section 43, Black Money Act, IT Department asked for penalties in over 700 cases. Investigating Officers have been directed to compel prosecution and penalty under Section 49 and 51 Act.

A Senior IT Officer reports ANI about the situation of anonymity maintenance that “We had seen a sharp increase of an undisclosed amount of Rs.125 Crore as earlier on first exchange of information of the calendar year 2014 we detected undisclosed income of only Rs.27 crore.”

He continued that obligation of Rs.1 lakh penalty has been advised for 100 cases.

Income Tax Department under FATC spotted Rs.125 undisclosed income |

Adding to the statement, the Senior Officer exclaimed that out of 9000 cases, the IT Department spotted over 1100 foreign or incomplete addresses.

He also detailed the incomplete address, which suggests most of the pertains information to persons employed at MNCs, who are on regular foreign and very mobile assignments.

He continued, “Due to this they mostly stay in rented apartments for short duration and thus their addresses keep changing. Under FATCA income tax department received data for the calendar year 2016 from 39 countries covering nearly 1.2 lakh persons. In almost 61 thousand cases Indian address was not available. Out of 1.2 lakh persons, Pan is available only in 34 thousand cases.”

In 2010, the USA enacted FATCA law with the aim to handle tax avoidance through surveying information in concern to financial offshore accounts maintained by citizens and residents of USA.

by Chandrani Sarkar on August 2, 2018

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