Money held by Indians in Swiss banks has fallen by nearly one-third to a record low of 1.2 billion franc (about Rs 8,392 crore) amid a continuing global clampdown on the famed secrecy wall of Switzerland's banking system.
Money held by Indians in Swiss banks fell by one-third to record low of Rs 8,392 crore amid an enhanced clampdown against the famed secrecy wall of Switzerland's banking system by Indian and other governments.
CBDT on Monday issued a set of fresh FAQs to clarify doubts about the processes of the one-time black money window as it stated that furnishing PAN number will be mandatory for the declarant while cases of non-filing of ITRs will be eligible to apply but with certain conditions.
Sternly warning the tax offenders in the radio programme man ki bat on Sunday, Prime Minister Narendra Modi said that government will crack down on black money offenders who fail to come clean during the June- September compliance window which ends on September 30.
To ensure confidentiality, the Income Tax Department has mandated only senior officers to be a single point of contact for those making disclosures under the one-time window provided to black money holders to come clean.
The chief of SIT on black money feels it will be "difficult" for those holding untaxed assets to avoid disclosure under the ongoing one-time compliance window opened by the government after the limited success of a similar scheme launched last year for those with tainted money overseas.
Seeking to enhance cooperation to fight the black money menace, India and Switzerland Wednesday said a team would soon visit the Alpine nation to expedite pending information requests on Indians with Swiss bank accounts, while an automatic exchange of details would begin in 2018.
Switzerland on Friday said it will relax norms for providing information to foreign nations seeking banking details about their citizens on the basis of 'stolen data', a move that would benefit India in its fight against the black money menace.
Washington: There has been a "meeting of mind" between India and Switzerland on the issue of black money and tax evasion, a top Indian official today, a day after it assured India of stepped up cooperation over the issue.
Prime Minister Narendra Modi, in his talks with Swiss President Johann Schneider-Amman, raised the issue of black money and tax evasion by Indians to which the latter offered to extend the level of cooperation.
The Income Tax department on Thursday notified four new forms for those who wish to declare their untaxed funds and properties under the one-time domestic black money compliance window that opened this month.