India not likely to get Hasan Ali's Swiss bank details | mumbai | Hindustan Times
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India not likely to get Hasan Ali's Swiss bank details

mumbai Updated: Jun 29, 2011 00:56 IST
HT Correspondent

Getting information on the accounts of Pune businessman Hasan Ali Khan in Swiss banks isn’t going to be easy.

This is because the Double Taxation Avoidance Agreement (DTAA) signed between India and Switzerland recently, which will allow India to obtain information on specific individuals holding Swiss bank accounts, will be applicable only for prospective accounts.

Prakash Chandra, chairman of Central Board of Direct Taxes (CBDT) who was in Mumbai on Tuesday said India would soon be able to get information on certain individuals holding account in Swiss banks.

He said that Switzerland’s parliament has ratified the DTAA and after a mandatory waiting period, the agreement would be implemented.

However, he said that as per the DTAA, information of accounts opened in the past would not be given.

Chandra also heads a committee formed recently to look into ways to strengthen the law to curb black money.

The committee had met in the first week of June and decided to invite suggestions from the public before meeting next month.

Chandra said that in the past 10 days, the committee has received more than 2,500 suggestions from people all over the country.

“We have to go through the suggestions and see how many are practical,” he said.

He also said that tax refund issues were a priority for the income-tax department. “We have issued a majority of refunds that were pending,” he said.

When asked if the CBDT was working on a proposal whereby taxpayers would be able to file returns from their mobile phone, he said the department wants more people to file electronic returns.

“Filing returns from mobile phones is a step further than e-returns and will be introduced in due course of time,” he said.