`Persons having Swiss A/c paid Rs 180cr as tax`

Last Updated: Monday, March 26, 2012 - 20:16

New Delhi: Some persons with accounts in a
Swiss bank have paid taxes amounting to about Rs 180 crore so
far, Finance Minister Pranab Mukherjee has said in Parliament.

He did not disclose any name.

Mukherjee said the government has received information
from France and Germany under Double Taxation Avoidance
Convention.

He said as per the information from the French government
regarding accounts in one of the Swiss banks "it is stated
that although the tax has not been assessed or raised yet,
some persons have paid taxes amounting to about Rs 181 crore
so far".
Action including levy of penalty or initiation of
prosecution is taken in all such cases after the assessments
are completed, the Minister said in a written reply to a
question on black money in the Lok Sabha.
Likewise, information has been received from the German
government regarding Indian taxpayers having accounts with LGT
Bank in Liechtenstein, he said.

Assessments have been made against a total of 18
individual cases.

The assessments resulted in determining a total income of
Rs 39.66 crore. A total demand of Rs 24.26 crore was raised in
these cases. Penalty proceedings for concealment of income
have separately been initiated in all these cases, the
Minister said, adding that penalty amounting to Rs 11.94 crore
has been imposed in nine of the cases.

Out of the 18 taxpayers, one has passed away and
prosecution has been launched against all other 17 taxpayers,
he said.

India has DTAA with 82 countries.
PTI



First Published: Monday, March 26, 2012 - 20:16

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