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Indians with hidden income in US on I-T radar: Report

According to the Central Board of Direct Taxes' internal action plan for FY23, persons named in global leaks may be searched, shown-caused, and prosecuted,

April 04, 2022 / 10:16 AM IST
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Indians with hidden income in the United States (US) may face legal action under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, in the Financial Year '23.

According to the internal action plan of the Central Board of Direct Taxes (CBDT) for FY23, persons named in global leaks may be searched, shown-caused, and prosecuted, according to a report in the Business Standard.

Also Read | I-T department has made highest tax collection in its history: CBDT Chairman

The publication has also reported that tax officials across the country have been instructed to investigate any cases discovered during the verification of data received on or after April 1, 2022, under the Foreign Account Tax Compliance Act (FATCA), Automotive Exchange of Information (AEOI), and Common Reporting Standard (CRS).

Moneycontrol could not independently verify the report.

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“The probe should be completed within four months from the date of receipt of information, and accordingly proceedings should be launched under the black money Act,” according to the action plan, the publication stated.

Also Read | Govt exempts 5% TCS on overseas tour packages sold to NRIs visiting India

FATCA allows for the automatic sharing of financial data between India and the United States. It assures that revenue produced from assets held offshore gets taxed. Under the terms of the agreement, both parties will share information about their citizens who have assets in the other country.



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first published: Apr 4, 2022 10:16 am
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