Taxation
India realises Rs181 crore in tax based on info provided by France

France has provided details of Indians having bank accounts in one of the banks of Switzerland using which the tax authorities realised Rs181 crore in tax

New Delhi: The Indian government on Thursday said tax authorities have realised Rs181 crore on undisclosed income of Rs565 crore detected so far on the basis of information provided by the French government relating to certain bank accounts in a Swiss bank, reports PTI.

 

"On the request of the government and persistent follow up in June 2011, France has provided details of Indians having bank accounts in one of the banks of Switzerland, under the provisions of Double Taxation Avoidance Convention (DTAC) between India and France," Minister of State for Finance SS Palanimanickam said in a written reply in the Rajya Sabha.

 

Investigation conducted led to detection of undisclosed income of about Rs565 crore and realisation of taxes of about Rs181 crore, he said.

 

Palanimanickam also added that the investigation in the cases where information was received from France are under progress including with the foreign tax authorities to obtain more information.

 

Based on the information received from the Government of France relating to certain bank accounts reportedly held by certain individuals or non-individuals in a foreign bank, he said, investigations have been undertaken by different jurisdictional authorities under the Income Tax Act 1961.

 

In a separate response, Palanimanickam said government receives information from various countries regarding assets including bank accounts held abroad by Indians under the respective Double Taxation Avoidance Agreements (DTAAs) or Tax Information Exchange Agreements.

 

Based on information received since March 2009 under DTAAs regarding foreign bank accounts maintained by certain individuals or non-individuals, undisclosed income of about Rs600 crore has been detected and taxes of about Rs 200 crore have already been realised, he said.

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COMMENTS

NSriramamurty

5 years ago

Even in Rajya Sabha ,GOI is not telling Rajya Sabha Members full details of Indians having Rs.600 Crores in Banks in France.India has Strong Acts like Money Laundering Act,FEMA,& Black Money control. Rs. 600 Crores should have gone to France in Violation of Acts. GOI do not take any action to find out the Illegal Activity involved in it. This also Proves Arvind Kejriwal's Allegation as Correct.

Government asks taxpayers to disclose true income or face action

I-T department said it has information that 33.83 lakh people made cash deposits of Rs10 lakh or more in savings bank account while during assessment year 2012-13, only 14.62 lakh assesses, including professionals and companies, have declared taxable income of over Rs10 lakh

 
New Delhi: In a stern warning to tax evaders, the Indian government on Monday warned them to either disclose their correct income and pay advance tax by 15th December or be prepared to face action, reports PTI.
 
"Government would urge all assessees to disclose their true income. There is no advantage in suppressing the true income or avoiding paying income tax that is due", Indian Revenue Secretary Sumit Bose told reporters.
 
Regretting that there was "gross-understatement" in filing of advance tax by assessees, he said, "sooner than later, the information available with the income tax department will lead the department to the doors of such persons." 
 
Bose said that during assessment year 2012-13, only 14.62 lakh assessees including professionals and companies have declared their taxable income of over Rs10 lakh, adding "any fair minded person will agree that this is a gross under- statement." 
 
The direct tax collection during April-October worked out to be Rs3.02 lakh crore, showing an increase of 6.59% as against the annual growth target of 15%. The government proposes to collect Rs5.70 lakh crore from direct taxes, which include income tax, corporate tax and wealth tax, this fiscal. 
 
Bose said the I-T department has information that 33.83 lakh persons made cash deposits totalling Rs10 lakh or more in the savings bank account.
 
Also 16 lakh persons made payments of Rs2 lakh or more against their credit cards and over 11.91 lakh people decided to purchase or sell house property worth Rs30 lakh or more.
 
15th December is the last date for paying the third instalment of advance tax for corporates and the second instalment for all other assesses.
 
"For assesses who have not yet paid the correct advance tax, there is an opportunity to rectify the mistake and pay the advance tax by 15th December," Bose said.
 
Soon after assuming charge of the Ministry, Finance Minister P Chidambaram had made a statement regarding taxation and tax administration.
 
He had emphasised on clarity in tax laws, a stable tax regime, a non-adversarial tax administration, a fair mechanism for dispute resolution and an independent judiciary that will provide great assurance to investors.
 
Asking assessees to pay advances taxes by due date, Chidambaram had said: "paying taxes is a mark of civilisation.
 
If I pay more taxes, I should be more happy and more proud. I am making more money and I am paying more taxes".
 

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COMMENTS

Pradeep R Hattangadi

5 years ago

First start with the Politicians.

A BANERJEE

5 years ago

How much a favour cost in the IT deptt.? If the deptt are in possession of the info., let them go ahead instead of giving threats. In any case, action will not be taken against those powerful people who have been stashing their funds abroad and continue unabated to do so. If the deptt were serious, AND FREE TO ACT TOO, action would have long bee taken and not one single case would have been time barred.

In Mumbai, 926 bank branches to accept advance income tax payments

RBI said as many as 926 computerised branches of public and private sector banks will receive advance income tax in Mumbai and Navi Mumbai for the December quarter

Mumbai: To avoid long queues in front of the central bank counters, arrangements have been made at the Reserve Bank of India (RBI) and 926 branches of public and private sector banks in Mumbai and Navi Mumbai to receive advance tax for the December quarter, reports PTI.

 

"As many as 926 computerised branches of public and private sector banks will receive advance income tax in Mumbai and Navi Mumbai. These arrangements have been made for the convenience of the income tax assesses," RBI said in a statement today.

 

Long queues and inconveniences can be avoided at the Reserve Bank of India counters if the assesses in Mumbai and Navi Mumbai utilise the services being made available at various designated branches of banks and deposit their income tax dues well in advance of the last date, it added.

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