The Central Board of Direct Taxes has formed a multiagency group to look into the Paradise Papers revelations related to Indian residents. The group will be headed by the CBDT Chairman and include members of major financial investigation entities – the Enforcement Directorate, Financial Intelligence Unit and the officials from the RBI.
The Paradise Papers are financial documents related to overseas money and income transactions of residents from various countries. Most of the accounts are accused to illegal and related to black money transactions. But experts point out that some of them might have been fair transactions to facilitate complex financial arrangements.
According to the CBDT statement, 714 Indians are mentioned in the Papers. Some Indian names are concealed right now. Paradise Papers refer to leaked documents from Appleby – the offshore law form that have offices in several tax havens including Bermuda. The Paradise Papers include nearly 7 million documents including loan agreements, financial statements, emails, trust deeds and other paper works for nearly 50 years.
The income tax department is searching for tax details of the revealed persons and is trying to match disclosure made under the Undisclosed Foreign Income and Assets Act 2015. The Act proposes rigorous imprisonment for undisclosed income revealed in enquiries.
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