Panama Papers: Response to Notice to Be Verified With Tax Returns

Notices have been sent out to the those named in the Panama Papers. Their response would be matched with tax returns.

Finance Minister Arun Jaitley said on 4 April that people who have been accused of having illegal foreign accounts will have to face the consequences. He added that the Income Tax Department has already sent notices to those whose names figured in Panama Papers. Their responses to these notices will be verified against their tax returns.

The income tax authorities have written to all the people who have been named so far (in the Panama Papers). Now the response would come from those and based on their responses they will decide as to which were the accounts or assets which are legitimately held and those which are illegitimately held.

Arun Jaitley, Finance Minister

The government has set up a multi-agency group to probe offshore accounts disclosed in Panama Papers.

A list of nearly 500 Indians including celebrities and industrialists, who allegedly stashed money in offshore entities in Panama, considered to be a tax haven, was released in April.

This (response of those named) obviously can be verified along with their return and taxation records also. For those who don’t hold legitimately will have to face the consequences.

Arun Jaitley, Finance Minister

Jaitley is in Germany to attend the Annual General Meeting of Asian Development Bank.