I-T cracks down on black money stashed abroad

Indian assets of tax evaders can be attached & confiscated against undisclosed foreign income or assets

The Income Tax (I-T) department has decided on an aggressive plan under the black money law to nab tax evaders who have undisclosed income or stashed assets abroad. 

In an internal communication, the Central Board of Direct Taxes (CBDT) told I-T officials that the spotlight should be on criminal consequences of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. In the guidelines, it clarified that the Act allowed attaching and confiscating black money holders’ Indian assets against their undisclosed foreign income or assets under the black money law. It also said these evaders could face