Particular models in I-T dept to probe undisclosed overseas property


Tribune News Service

New Delhi, January 10

The government has created a specialised wing within the countrywide investigation wings of the Income Tax department to facilitate the agency to initiate focused probe in cases relating to Indians holding undisclosed moveable and immoveable assets overseas.

Government officials said Foreign Asset Investigation Units (FAIUs) have been recently created in all 14 investigation directorates of the tax department located in various parts of the country that are primarily tasked to undertake raids and seizures, and develop intelligence to check tax evasion done by various methods.

A senior government official said a total of 69 existing posts in the tax department were “diverted” by the Central Board of Direct Taxes (CBDT) in November last with the approval of the Ministry of Finance for creation of such units. The CBDT frames policy for the Income Tax department.

“The FAIUs have been created to bring focus on cases of undisclosed assets held abroad by Indians and black money stashed abroad. India is now getting voluminous data in this context by way of various fresh treaties signed and some of those, which have been re-negotiated in the recent past,” he said.

The taxmen now have huge data coming in from various international and domestic sources to check possible illegal foreign assets holding of an individual and hence, a dedicated wing was required to analyse this information and sift through this mountain of data, the official said, adding that the new units would also be assigned to probe cases of Indian entities named in global tax document leaks like the Panama Papers.

To focus on black money stashed abroad

  • Foreign Asset Investigation Units have been created in 14 investigation directorates of the tax department
  • They have been set up to focus on cases of undisclosed assets held abroad by Indians and black money stashed abroad
  • 69 posts in tax department were ‘diverted’ in Nov 2020 with the Finance Ministry’s approval for creation of such units



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