Black money hoarders to get demand notices | mumbai | Hindustan Times
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Black money hoarders to get demand notices

mumbai Updated: Feb 24, 2012 02:03 IST
Manish Pachouly
Manish Pachouly
Hindustan Times
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The income tax (I-T) department will soon receive large sums of money as tax from citizens of Mumbai, who have secret accounts in Switzerland’s banks.


The investigation wing of the income tax (I-T) department has completed its investigation against over 100 black money hoarders, a list that was shared by France last year. Detailed reports with seized documents and records have now been submitted to the assessment wing that will prepare tax demand notices. These demand notices, stating the exact amount of tax, interest and penalty due from them, will then be served to the respective people for the payment due.

In July, France had shared a list of around 700 Indians suspected to have secret accounts in Swiss banks. Of these, around 200 are from Mumbai.

Following the release of this list, the investigation wing, Mumbai, had issued notices to around 100 of the city’s black money hoarder asking them to explain the money in the foreign banks.

By December, a few people on the list, voluntarily paid taxes amounting to Rs135 crore.

Sources said that searches and surveys were conducted in cases where the suspects did not reply to the notices or tried to hide the facts.

"Some of them came forward and revealed their undisclosed income. They also agreed to pay the tax dues," said a senior I-T official adding that others either did not reply to the notices or denied holding unaccounted money abroad."We seized documents and records having details of unaccounted income. All of these have been given to the respective assessment wing to calculate the exact amount of tax dues over the years and prepare demand notices accordingly," the official said. He added that in next few months taxes would be recovered from these people.

There was a delay in investigation by the I-T department, because of the ongoing agitation by officials demanding promotions which have been pending for last two years.

"We had to conduct operation with the limited staff available who are not part of the agitation," the official said.