Shame them! black money held abroad is not just a tax issue

Abstract

The illegal wealth stashed abroad by Indians is not just about tax evasion. It is a form of treason. So why is the government prevaricating on naming them?. A recent report in The Economic Times suggests that the income tax department has secured at least 17 "voluntary disclosures" from around 700 Indians who are alleged to have had secret accounts with the HSBC Bank in Switzerland.

Says the report: "The amount disclosed ranges from Rs 50 crore to Rs 300 crore. Many in the list have opted to file 'revised return' - a procedure allowed under the Income Tax Act for taxpayers who think they made a mistake while filing the original return. Revised returns are usually filed within a year of filing the original. The IT department has chosen to summon the alleged evaders and ask them to declare their undisclosed offshore deposits rather than initiate prosecution proceedings." Read more at: https://www.firstpost.com/business/economy/shame-them-black-money-held-abroad-is-not-just-a-tax-issue-145692.html