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.
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
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.