The ED and I-T Department are ramping up investigations on Indian wealthy individuals with undisclosed foreign assets. They are reportedly targeting hidden wealth in European countries, tax havens like the British Virgin Islands, and Dubai. The ED is specifically investigating potential violations of FEMA related to setting up offshore companies to hold properties abroad.
The I-T Department is investigating high-net-worth individuals under the Black Money Act for undisclosed bank accounts and foreign financial interests like insurance contracts, businesses, equity investments, and trusts. They are comparing foreign asset declarations in tax returns with their internal data for discrepancies.
The I-T Department provided HNIs a deadline until March 31, 2024, to disclose foreign assets voluntarily. Non-disclosure of such assets in tax returns may incur a ₹10 lakh penalty, per the November advisory. These measures aim to enhance transparency and ensure tax law compliance.
Sources News From Various Digital Platforms, Websites, Journalists, And Agencies.
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