Black money: I-T to get Rs 80 crore tax on stashed money

New Delhi, Nov 20: Over a score of black money hoarders in the capital, most of them businessmen, will pay Rs 80 crore as taxes to the Income Tax department on undisclosed income of about Rs 500 crore following searches made across the city on the basis of a classified list of account holders in HSBC bank, Geneva.

Sleuths of the enforcement and investigation wings of the I-T department carried out searches in the last two months on 22 individuals based in Delhi who have admitted to holding accounts and stashing funds in the foreign bank.

According to initial estimates, the undisclosed income of these accounts could be around Rs 500 crore. The information was extracted on the basis of details of over 700 HSBC accounts received from the French government.

"Rs 18 crore has already been remitted to the department after the searches were launched. The I-T department is preparing final search and seizure documents in all the cases and has asked these tax payers to provide their documents related to their finances in the last two assessment years," top sources in the department said.

Out of the 22 individuals, none are politicians but have businesses of various types. The I-T department's special wing, working on the case, has got 'on paper' admission of a total of Rs 80 crore as unpaid taxes by these individuals.

The action was taken after the department received the list of these 22 individuals from the Central Board of Direct Taxes (CBDT) some time back, which has supposedly sourced it from some channels related to HSBC bank Geneva.

PTI