Monday, July 30, 2012

Rs 565 crore black money stashed in France

PTI | Jul 30, 2012, 01.39AM IST
NEW DELHI: Undisclosed income of Indians totalling Rs 565 crore has been detected in France, according to income tax authorities, indicating that the Double Taxation Avoidance Agreement is showing results.

The figure was disclosed as part of the exchange of information clause of the DTAA that India shares with France.

In 219 cases, the tax authorities detected undisclosed income totalling Rs 565 crore and taxes amounting to Rs 181 crore have already been realized, the CBDT told Parliament's Public Accounts Committee (PAC) recently.

In a presentation on NRI taxation, the central board of direct taxes (CBDT) said that 30,765 pieces of domestic information about suspicious transactions have been obtained by field intelligence units which are under investigation by respective agencies.

The PAC was informed that this year, New Delhi has commenced tax information exchange agreements (TIEA) with 25 new jurisdictions.

As a result of these exchange agreements, requests from field officers to foreign tax authorities have increased from 39 in 2008-09 to 386 in 2011-13. Till June 30, 120 such requests have been made, the presentation said.

The CBDT said that at the beginning of 2009, India had 78 DTAAs, 75 of which do not have provision for exchange of banking information. With six new agreements coming into force, India now has a total of 84 such agreements with foreign countries.