Written by: ENS Economic Bureau
2 min readNew DelhiJan 19, 2011 01:54 AM IST
First published on: Jan 19, 2011 at 01:54 AM IST
As Opposition parties mount pressure on the government to act on the issue of alleged black money parked in foreign banks,the income tax department today said it is already coming down heavily on black money generation.
The department also said that it is in the process of negotiating Tax Information Exchange Agreement TIEA with tax havens.
TIEA with three tax havens,including Bahamas,has been concluded and once the negotiations are complete,we will write to these countries for information, chairman,Central Board of Direct Taxes Sudhir Chandra said.
We have been raiding several premises for the last two year to curtail black money generation. We detected Rs 15,000 crore as concealed income during this period. Last year 2009-10,we raided 408 groups and seized cash worth Rs 301 crore and jewellery worth Rs 132 crore while other assets totalled Rs 530 crore. The total undisclosed income during this period was Rs 8,101 crore, chairman,Central Board of Direct Taxes Sudhir Chandra said.
The country is already in the process of renegotiating Double Taxation Avoidance Agreement DTAA with 65 countries and with the conclusion of the dialogues,the department will be able to ask for information hitherto not permissible.
With Switzerland,India has already completed the talks and is now awaiting a ratification by the Swiss Parliament.
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