Crackdown on tax evaders: I-T notices to holders of foreign assets

Seek action under black money and benami laws for non-disclosure

The Income-Tax (I-T) Department has issued notices to taxpayers, seeking action under the black money and benami transactions laws for not disclosing their foreign assets in assessment years from FY14 to FY18.

The notices have been issued ahead of the April 30 deadline, which has been set for reopening tax evasion cases as announced in Budget 2021, shortening the period of investigation to three years from six.

For serious tax fraud cases, in which the concealment of income is Rs 50 lakh or more, the period would be 10 years.

The move indicated the revenue department might be looking at restricting action to