Current Affairs-Union Interim Budget 2014-15-Government Succeeds in Obtaining Information in Dozens of Cases of Illegal Off-Shore Accounts Prosecutions Launched In Many Other Cases

Government Succeeds in Obtaining Information in Dozens of Cases of Illegal Off-Shore Accounts Prosecutions Launched In Many Other Cases

Despite several hurdles in obtaining evidence on illegal off-shore accounts held by the Indians from the countries concerned, the Central Government has succeeded, through alternative methods and special efforts, in obtaining information in 67 cases. Stating this while presenting the Union Interim Budget 2014-15 in Parliament here today, the Finance Minister, Shri P. Chidambaram said that action is under way to determine the tax liability as well as impose penalty. He said that prosecutions for willful tax evasions have been launched in 17 other cases. More enquires have been initiated into accounts reportedly held by Indian entities in no tax or low tax jurisdictions.