I-T dept finds ₹22,000 crore in undisclosed foreign assets: Report
In a significant move, the Income Tax Department has detected a whopping ₹22,000 crore worth of undisclosed foreign assets and investments, according to a report by The Economic Times. The report cites an unnamed senior official who revealed that the department has also sent notices to taxpayers who filed their income tax returns without declaring these assets or income from them. This non-compliance can lead to penalties of up to ₹10 lakh.
The revelation has sent shockwaves through the financial circles, highlighting the widespread existence of tax evasion and the need for stricter regulations. The Income Tax Department’s efforts to crack down on tax cheats have been ongoing for some time now, and this latest discovery is a significant milestone in their efforts to bring black money back into the economy.
The report suggests that the department’s investigation has uncovered a vast network of undeclared foreign assets, including bank accounts, shares, and other investments. These assets are believed to be held by individuals and companies who have failed to disclose them in their income tax returns.
The Income Tax Department’s action comes at a time when the government is under pressure to tackle the issue of black money and tax evasion. The Narendra Modi-led government has been actively pursuing measures to bring back black money stashed abroad and curb tax evasion.
The Economic Times report quotes a senior official as saying, “We have detected a large amount of undisclosed foreign assets and investments, and notices have been sent to the taxpayers who have not declared them. We are taking strict action against those who have failed to comply with the tax laws.”
The report also suggests that the department’s investigation is still ongoing and more revelations are expected in the coming days. The authorities are working to trace the sources of these undeclared assets and identify the individuals and companies involved.
Tax experts have welcomed the move, saying that it is a significant step towards curbing tax evasion and bringing back black money. “The Income Tax Department’s action is a major blow to tax evaders and will help to bring back black money into the economy,” said a tax expert.
The government has been actively pursuing measures to curb tax evasion and bring back black money. In recent years, the Income Tax Department has launched several initiatives to detect and prosecute tax evaders. The department has also set up a special task force to investigate cases of tax evasion and bring back black money.
The detection of ₹22,000 crore worth of undisclosed foreign assets is a significant achievement for the Income Tax Department and highlights the need for stricter regulations to prevent tax evasion. The government must continue to take strong action against tax evaders and bring back black money into the economy.
In conclusion, the Income Tax Department’s detection of ₹22,000 crore worth of undisclosed foreign assets is a significant move towards curbing tax evasion and bringing back black money. The authorities must continue to take strict action against tax evaders and bring back black money into the economy.
