30.7.12

Black Money detected in France

Undisclosed income of Indians totalling Rs 565 crore has been detected in France, according to income tax authorities, indicating that the double taxation avoidance agreement (DTAA) is showing results. 
The figure was disclosed in the information that India received from France on Indians having bank accounts in the country under the exchange of information clause of the 
DTAA. In 219 cases, the tax authorities have detected undisclosed income totalling Rs 565 crore and taxes amounting to Rs 181 crore have already been realised, the central board of direct taxes told Parliament's public accounts committee (PAC) recently. 
In a presentation on NRI taxation, the CBDT said 30,765 pieces of domestic information about suspicious transactions have been obtained by field intelligence units, which are under investigation by respective agencies. 
The PAC was informed that this year, New Delhi has commenced tax information exchange agreements with 25 new jurisdictions. 

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