Will this work ?
Your Guess ?
============
Business Standard ( 30 Sept ) carries following news
report :
“ I-T cracks down on black money stashed abroad “
Indian
assets of tax evaders can be attached & confiscated against undisclosed foreign income or assets
The Income Tax (I-T) department has decided on an aggressive
plan under the black money law to nab tax evaders who have undisclosed income or
stashed assets abroad.
In an internal communication,
the Central Board of Direct Taxes (CBDT) told I-T officials that the spotlight should be on criminal
consequences of the Black Money (Undisclosed Foreign Income and Assets) and
Imposition of Tax Act, 2015.
In the guidelines, it clarified that the Act allowed
attaching and confiscating black money holders’ Indian assets against their
undisclosed foreign income or assets under the black money law.
It also said these evaders could face
separate prosecution under the Prevention of Money Laundering Act (PMLA).
The move follows poor results in
detecting undisclosed foreign assets and delay in concluding pending matters
under the Black Money Act, which came into effect in 2015.
According to the official data, only 52 cases have been
identified so far.
Of these, nine are from Mumbai alone.
I-T officials said there was a lack of clarity in the existing
framework, which this week’s
guidelines have explained. The internal communication specified that the tax
department can attach and confiscate the “proceeds of crime” equivalent in
value held within the country to recover dues.
What is your guess :
Will this unearth those “ hidden / undisclosed foreign assets “ ?
MY GUESS : YES ! BUT IN
ABOUT 30 YEARS !
On the other hand , Government could get
those holders of Undisclosed Foreign Assets to come forward and declare $ 1000 BILLION , within 3 MONTHS
, if it would just “ COPY “ the Indonesian Method !
Unbelievable ?
Believe it ! Read :
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30 Sept 2017
www.hemenparekh.in
/ blogs
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