Tax Dept Special Unit to Inquire Undisclosed Assets in Foreign Countries

The government has developed a specific unit for doing the investigation throughout the country concerning the undisclosed assets kept by Indians overseas and hold of black money abroad. In recent times the Foreign Asset Investigation Units (FAIUs) had made 14 directorates of the tax department for the examination which is situated in numerous parts of the countries that are majorly tasked to do raids and seizures along with the development of the intelligence to measure the tax theft done through several methods.

In November Central Board of Direct Taxes These types of taxes are directly imposed and paid to the government of India. Example of Direct Tax is Income Tax, TDS, Securities Transaction Tax, Fringe Benefit Tax, etc (CBDT) diverted 69 ports inside the tax department so for building the unit post-approval from central Finance minister Nirmala Sitharaman.

CBDT Announces the Scheme for the IT Department.

“The FAIUs have been created as new wings within the various investigation directorates of the tax department to bring focus on cases of undisclosed assets held abroad by Indians and black money stashed abroad”. “India is now getting voluminous data in this context by way of various fresh treaties signed and some of those which have been re-negotiated in the recent past,”

Now there is a time where the automatic exchange of the tax details is the rule. Majorly the countries and jurisdictions are obeying the protocols set through the Organisation for Economic Co-operation and Development (OECD) along with the Financial Action Task Force (FATF) for clearance of tax and acting against the money laundering, tax financing, and tax theft.

The assessee has large information which has come through various international and domestic sources so to examine the illegal foreign assets owns by the person and thus an investigation team is needed to investigate the details. The new team will now investigate the cases of the Indian entities which come beside the Panama papers worldwide document leaks.

The double Taxation Avoidance Agreement (DTAA), Tax Information Exchange Agreements (TIEAs), and the freshest Foreign Account Tax Compliance Act (FATCA) between India and the US are the automatic tax details exchange protocols via which the Indian tax councils get the details.

FATCA undergoes automatic sharing of the details on bank accounts and financial objectives such as equities, mutual funds, and insurance. The target is to fight the danger to the black money.

ITR forms Easy guide to file income tax return for the FY (financial year) 2019-20. Also, we added the document checklist related to Personal, Income, tax, bank, real estate, investment indeed have a specific column where information about overseas assets of the person is there and this should be identical with the information sought by an automatic shift from global counterparts.