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India identifies tax evasion as 'taboo' becomes early adopter of global information exchange of tax

ANI | 01 Oct 2015, 09:49 pm
Bengaluru, Oct 01 (ANI): Post Central Board of Direct Taxes (CBDT) chairperson Anita Kapur on Thursday declared that she is in receipt of 638 declarations amounting to Rs 3,770 crore by midnight of September 30, she apprised the media that India has identified tax evasion as 'taboo' and has become an early adopter of global information exchange of tax evasion and by 2017 India shall also receive information from other countries as tax evasion is not healthy for the global economy. She also said that strict action shall be taken against the ones who have failed to disclose their assets abroad as and when the government encounters it in accordance with the Black Money & Tax Imposition Act. As the voluntary disclosure compliance window has ended. She said 30% tax shall be imposed plus a penalty of 3 times the current value of the asset will be additionally imposed and the owner shall face trial under the act which entails incarceration up to 10 years. Revenue Secretary Hasmukh Adhia categorically stated that there is no scope of extension of the compliance window. The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (the Act) has been enacted to deal with the menace of black money stashed abroad. The Act also provided for a compliance window for

India identifies tax evasion as 'taboo' becomes early adopter of global information exchange of tax

ANI
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