Rs 565 cr undisclosed income of Indians found in France

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Income Tax Dept
New Delhi, Jul 29: The Income Tax (I-T) authorities have informed that undisclosed income of Indians worth Rs 565 crore have been found in France. The figure was disclosed to India by France in the information on Indians having bank account in that country under the Double Tax Avoidance Agreement (DTAA). The I-T officials said the DTAA was indeed showing results.

Out of 219 cases, the tax authorities have found undisclosed income totalling Rs 565 crore and taxes amounting to Rs 181 crore have already been accumulated, the Central Board of Direct Taxes (CBDT) recently told the Parliament's Public Accounts Committee (PAC). The CBDT said over 30,000 pieces of domestic information have been fathered by field intelligence units.

The CBDT added that in early 2009, India had 78 DTAAs but only 3 have provisions for banking information exchange. With six new DTAAs coming into force, India will have 84 such agreements with other countries.

OneIndia News

(With PTI inputs)

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