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Prosecution for Concealing Income

Posted on 28 March 2012,    
 5832    Share  Report

Income Tax Department receives information from various sources including from foreign governments under the Double Taxation Avoidance Agreement (DTAA). Whenever such information is received, it is investigated and any untaxed amount is assessed and brought to taxation. Prosecution proceedings for concealment are initiated in appropriate cases. 

The information received is covered by the confidentiality clause under the DTAAs and can only be used for the tax purposes specified therein. Thus, the contents of the information received under DTAA cannot be disclosed to persons other than those involved in the assessment or collection of, the enforcement or prosecution in respect of, or the determination of appeals in relation to, the taxes covered by the Agreement. 

This information was given by the Minister of State for Finance, Shri S.S. Palanimanickam in written reply to a question in the Rajya Sabha today.



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