Income Tax Notices Sent to 400 People Named in Panama Paper Leak
Reportedly for the first time the notices have been issued under the Black Money Act.
The income tax department has sent notices to about 400 individuals whose names appeared in the Panama Papers for not disclosing all their foreign assets as well as interest and income earned through offshore assets, The Economic Times reported.
The notice, the report stated, asked for the individuals’ foreign bank accounts, bank account statements since 2015 and complete narration of debit/credit entries in these bank accounts and has reportedly been sent following an investigation by the taxmen and the Enforcement Directorate (ED).
The report also states that for the first time the notices have been issued under the Black Money Act (Undisclosed Income and Assets) that could lead to 120 percent in taxes and penalty.
If it’s found that wrong details were furnished, then an additional Rs 10 lakh penalty could be levied. Also, during the course of assessment, if it is discovered that tax has been evaded by not disclosing foreign income and assets, heavy penalties could follow.
(With inputs from The Economic Times)
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