Panama Papers is a high-profile issue in the country as recent and today it again caught up fire when Finance Minister Mr. Arun Jaitley announced today in Frankfurt that our Income Tax Department sent notices to all the 500 Indians names disclosed in the list produced last month for allegedly stashed money in the offshore entities in Panama.
The responses of the notices by the alleged candidates will be verified against their tax returns and illegal foreign accounts holder will face the consequences.
Mr. Jaitley said, “The Income Tax authorities have written to all the person who have been named so far (in the Panama Papers). Now the response would come from those and based on their responses they will decide as to which were the accounts or assets which are legitimately held which are illegitimately held.”
Related: Income Tax Department may call All Indians named in Panama Papers
All Together, to examine the disclosed account in Panama Papers, government organized a multi-agency group and will take appropriate action against illegitimately held accounts in ‘tax haven’.
“This (replies of those named) obviously can be verified along with their return and taxation records also. For those who don’t hold legitimately will have to face the consequences,” said Arun Jaitley, who is in Frankfurt to attend an Annual General Meeting of Asian Development Bank.