Zee Media Bureau
New Delhi: A five-member government team will meet on April 7 over monitoring and investigation into the cases of 500 Indians being named in the leaked 'Panama Papers'.
The multi-agency group probe, led by the investigations wing of the Central Board of Direct Taxes (CBDT), which, along with its foreign taxation wing and those of the RBI and Financial Intelligence Unit (FIU), will give its feedback to the revenue secretary.
It must be recalled that the new anti-black money law, termed the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, was enacted last year and operationalised from July 1.
The overseas illegal assets cases were being dealt under the Income Tax Act, 1961 till now.
The new law imposes a steep 120 per cent of tax and penalty on un-disclosed foreign assets and income besides a jail term of up to 10 years.
The government had also provided a one-time compliance window before operationalising this Act and those who did not use it and are detected in contravention of laws after the window closes, they will be required to pay 30 per cent tax, 90 per cent penalty and face criminal prosecution.
Also, those caught holding illegal foreign assets also stand to face action by the Enforcement Directorate (ED) as the government last year had made an offence under the new act a "predicate offence" under the Prevention of Money Laundering Act (PMLA) and hence the entity or individual can also be criminally prosecuted under anti-money laundering laws now.
With Agency Inputs