Business Standard ( 30
Sept ) carries following news report :
“ I-T cracks down on black money stashed abroad “
Indian assets of tax evaders can be attached & confiscated against undisclosed foreign income or
assets
The Income Tax (I-T)
department has decided on an aggressive plan under the black money law to nab
tax evaders who have undisclosed
income or stashed assets abroad.
In an internal communication, the Central Board of Direct Taxes (CBDT) told I-T officials that the spotlight should be on criminal
consequences of the Black Money (Undisclosed Foreign Income and Assets) and
Imposition of Tax Act, 2015.
In the guidelines, it clarified that the Act
allowed attaching and confiscating black money holders’ Indian assets against their undisclosed
foreign income or assets under the black money law. It also said these
evaders could face separate prosecution under the Prevention of Money
Laundering Act (PMLA).
The move follows poor
results in detecting undisclosed foreign assets and delay in concluding pending
matters under the Black Money Act, which came into effect in 2015. According to the
official data, only 52 cases have been identified so far. Of these, nine are
from Mumbai alone.
I-T officials
said there was a lack of clarity in the existing framework, which this week’s
guidelines have explained. The internal communication specified that the tax
department can attach and confiscate the “proceeds of crime” equivalent in
value held within the country to recover dues.
What is your guess : Will this unearth those
“ hidden / undisclosed
foreign assets “ ?
MY GUESS : YES ! BUT IN ABOUT 30 YEARS !
On the other hand , Government could get
those holders of Undisclosed Foreign Assets to come forward and declare $ 1000 BILLION , within
3 MONTHS , if it
would just “ COPY “ the Indonesian Method !
Unbelievable ?
Believe it ! Read
:
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30 Sept 2017
www.hemenparekh.in
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