26 Indians Probed for Swiss Accounts, Black Money: Minister

Based on the information provided by the foreign government (Germany) regarding banks accounts held by Indians in Liechtenstein and Switzerland, action under the Income-tax Act, 1961 has been taken on the 12 trusts/entities, involving 26 individuals of Indian origin/nationality, said Santosh Kumar Gangwar, Minister of State in the Ministry of Finance in written reply to a question in Lok Sabha on Friday.

Action includes investigation, assessment of income, imposition of penalty and filing of prosecution complaints, wherever applicable.

The information received from the German Tax Authorities under the Double Taxation Avoidance Agreement (DTAA) between India and Germany gave out the info. Similarly, action has been taken in the cases of 628 Indians holding bank accounts in HSBC bank in Switzerland information regarding whom was received from the Government of France under the Double Taxation Avoidance Convention (DTAC) between India and France, said the minister.

Disclosure of information regarding specific taxpayers is prohibited except as provided under section 138 of the Income-tax Act, 1961. Further, information received under the provisions of DTAAs/DTAC is governed, inter alia, by the confidentiality clause in such instruments.

Action against evasion of taxes/black money is an on-going process and it includes searches, surveys, enquiries, assessment of income, levy of taxes, penalties and filing of prosecution complaints in criminal courts.

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