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India Investigates Foreign Bank Accounts

by Mary Swire, Tax-News.com, Hong Kong

14 November 2012


The Indian tax authorities are investigating information regarding undisclosed funds held in overseas bank accounts, confirming that "appropriate action" has been taken in these cases.

The Indian government received information from its French counterpart in June, 2011 regarding certain undisclosed bank accounts allegedly held by certain individuals and non-individuals in a foreign bank. This information has subsequently been analyzed, and investigations into the allegations undertaken by the different jurisdictional authorities under the Income Tax Act 1961.

The Indian Finance Ministry has confirmed that investigations are still in progress, including with overseas tax authorities, to obtain further information with regard to the reported account holders. It says that appropriate action has been taken in these cases, and warns that further initiatives, including assessment, tax collection, and the levying of penalties, will be taken, based on the facts of each case.

The information received from the French government is covered by the confidentiality clause under the bilateral double tax avoidance convention, and can only be used for the tax purposes specified therein.

TAGS: individuals | compliance | tax | double tax agreement (DTA) | tax compliance | India | tax avoidance | law | banking | offshore | France | penalties

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