Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 150
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::index() - APP/Controller/ArtileDetailController.php, line 150
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 151
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::index() - APP/Controller/ArtileDetailController.php, line 151
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 97
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Code Context
            if (Configure::read('debug')) {

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        LATEST NEWS UPDATES | Black money: I-T may get to re-open returns beyond 6 yrs    </title>
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-PTI





The government may grant the Income Tax department powers to re-open tax returns of beyond six years in specific cases of black money where &quot;foreign assets&quot; are involved.





The I-T department needs these powers to pursue the ongoing cases where funds..."/>
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-PTI





The government may grant the Income Tax department powers to re-open tax returns of beyond six years in specific cases of black money where &quot;foreign assets&quot; are involved.





The I-T department needs these powers to pursue the ongoing cases where funds..." />
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		 Published on</span><span class="text-date"> Feb 21, 2012</span>
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                            <div style="text-align: justify">-PTI</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The government may grant the Income Tax department powers to re-open tax returns of beyond six years in specific cases of black money where &quot;foreign assets&quot; are involved.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The I-T department needs these powers to pursue the ongoing cases where funds were found to be stashed abroad and these came to light after India received a classified list of bank account holders which include those in HSBC bank Geneva and LGT Bank of Liechtenstein.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The department, according to current rules, can only open I-T returns for the past six years if they need to probe hidden income and assets.</div><div style="text-align: justify">The recommendation on extending the period was also made by the committee on black money headed by the Chairman of the Central Board of Direct Taxes (CBDT). Finance Minister Pranab Mukherjee is expected to take into account this issue before he presents his Budget next month.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">&quot;This specific clause is being seriously thought. Numerous instances in the department's on-going probe in black money cases warrant such a clause as unreported investments date back to many years. The I-T investigations have also asked for such a clause in the I-T Act,&quot; a senior Finance Ministry official said.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The clause, however, is needed in cases where foreign assets are traced as in these cases we need to prepare a tight case before we approach a foreign country for help under the Double Taxation Avoidance Agreement (DTAA) or other relevant treaty, the official said.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">He added that the time frame that I-T authorities want to go back is about 12 years but the limit can only be decided by the Finance Ministry and Mukherjee's office after consulting all stakeholders.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">While Germany had last year provided the names of some Indians having secret accounts in Liechtenstein's LGT Bank, many other such classified data is now with India.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Officials of the probe wings of the I-T department have carried out a number of searches and visits in the last four months on various entities based in Delhi, Mumbai, Ahmedabad and few other cities of people who have admitted to holding accounts and stashing funds in the foreign bank after there names figured in the classified lists.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">In cases where the individuals have denied holding secret foreign bank accounts, the department has already decided to re-open their past tax returns.</div>                                                           
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    <br><a href="http://business-standard.com/india/news/black-money-i-t-may-get-to-re-open-returns-beyond-6-yrs/158452/on" class="re" target="_blank">The Business Standard, 20 February, 2012, http://business-standard.com/india/news/black-money-i-t-may-get-to-re-open-returns-beyond-6-yrs/158452/on</a><div class="clear"></div>
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    <h1 class="cat-box-title">Black money: I-T may get to re-open returns beyond 6 yrs</h1>
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                            <div style="text-align: justify">-PTI</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The government may grant the Income Tax department powers to re-open tax returns of beyond six years in specific cases of black money where &quot;foreign assets&quot; are involved.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The I-T department needs these powers to pursue the ongoing cases where funds were found to be stashed abroad and these came to light after India received a classified list of bank account holders which include those in HSBC bank Geneva and LGT Bank of Liechtenstein.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The department, according to current rules, can only open I-T returns for the past six years if they need to probe hidden income and assets.</div><div style="text-align: justify">The recommendation on extending the period was also made by the committee on black money headed by the Chairman of the Central Board of Direct Taxes (CBDT). Finance Minister Pranab Mukherjee is expected to take into account this issue before he presents his Budget next month.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">&quot;This specific clause is being seriously thought. Numerous instances in the department's on-going probe in black money cases warrant such a clause as unreported investments date back to many years. The I-T investigations have also asked for such a clause in the I-T Act,&quot; a senior Finance Ministry official said.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The clause, however, is needed in cases where foreign assets are traced as in these cases we need to prepare a tight case before we approach a foreign country for help under the Double Taxation Avoidance Agreement (DTAA) or other relevant treaty, the official said.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">He added that the time frame that I-T authorities want to go back is about 12 years but the limit can only be decided by the Finance Ministry and Mukherjee's office after consulting all stakeholders.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">While Germany had last year provided the names of some Indians having secret accounts in Liechtenstein's LGT Bank, many other such classified data is now with India.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Officials of the probe wings of the I-T department have carried out a number of searches and visits in the last four months on various entities based in Delhi, Mumbai, Ahmedabad and few other cities of people who have admitted to holding accounts and stashing funds in the foreign bank after there names figured in the classified lists.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">In cases where the individuals have denied holding secret foreign bank accounts, the department has already decided to re-open their past tax returns.</div>                                                           
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    <br><a href="http://business-standard.com/india/news/black-money-i-t-may-get-to-re-open-returns-beyond-6-yrs/158452/on" class="re" target="_blank">The Business Standard, 20 February, 2012, http://business-standard.com/india/news/black-money-i-t-may-get-to-re-open-returns-beyond-6-yrs/158452/on</a><div class="clear"></div>
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        LATEST NEWS UPDATES | Black money: I-T may get to re-open returns beyond 6 yrs    </title>
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The government may grant the Income Tax department powers to re-open tax returns of beyond six years in specific cases of black money where &quot;foreign assets&quot; are involved.





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    <h1 class="cat-box-title">Black money: I-T may get to re-open returns beyond 6 yrs</h1>
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                            <div style="text-align: justify">-PTI</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The government may grant the Income Tax department powers to re-open tax returns of beyond six years in specific cases of black money where &quot;foreign assets&quot; are involved.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The I-T department needs these powers to pursue the ongoing cases where funds were found to be stashed abroad and these came to light after India received a classified list of bank account holders which include those in HSBC bank Geneva and LGT Bank of Liechtenstein.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The department, according to current rules, can only open I-T returns for the past six years if they need to probe hidden income and assets.</div><div style="text-align: justify">The recommendation on extending the period was also made by the committee on black money headed by the Chairman of the Central Board of Direct Taxes (CBDT). Finance Minister Pranab Mukherjee is expected to take into account this issue before he presents his Budget next month.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">&quot;This specific clause is being seriously thought. Numerous instances in the department's on-going probe in black money cases warrant such a clause as unreported investments date back to many years. The I-T investigations have also asked for such a clause in the I-T Act,&quot; a senior Finance Ministry official said.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The clause, however, is needed in cases where foreign assets are traced as in these cases we need to prepare a tight case before we approach a foreign country for help under the Double Taxation Avoidance Agreement (DTAA) or other relevant treaty, the official said.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">He added that the time frame that I-T authorities want to go back is about 12 years but the limit can only be decided by the Finance Ministry and Mukherjee's office after consulting all stakeholders.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">While Germany had last year provided the names of some Indians having secret accounts in Liechtenstein's LGT Bank, many other such classified data is now with India.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Officials of the probe wings of the I-T department have carried out a number of searches and visits in the last four months on various entities based in Delhi, Mumbai, Ahmedabad and few other cities of people who have admitted to holding accounts and stashing funds in the foreign bank after there names figured in the classified lists.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">In cases where the individuals have denied holding secret foreign bank accounts, the department has already decided to re-open their past tax returns.</div>                                                           
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    <br><a href="http://business-standard.com/india/news/black-money-i-t-may-get-to-re-open-returns-beyond-6-yrs/158452/on" class="re" target="_blank">The Business Standard, 20 February, 2012, http://business-standard.com/india/news/black-money-i-t-may-get-to-re-open-returns-beyond-6-yrs/158452/on</a><div class="clear"></div>
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Home हिन्दी

Black money: I-T may get to re-open returns beyond 6 yrs

Published on Feb 21, 2012   Modified on Feb 21, 2012

-PTI The government may grant the Income Tax department powers to re-open tax returns of beyond six years in specific cases of black money where "foreign assets" are involved. The I-T department needs these powers to pursue the ongoing cases where funds were found to be stashed abroad and these came to light after India received a classified list of bank account holders which include those in HSBC bank Geneva and LGT Bank of Liechtenstein. The department, according to current rules, can only open I-T returns for the past six years if they need to probe hidden income and assets. The recommendation on extending the period was also made by the committee on black money headed by the Chairman of the Central Board of Direct Taxes (CBDT). Finance Minister Pranab Mukherjee is expected to take into account this issue before he presents his Budget next month. "This specific clause is being seriously thought. Numerous instances in the department's on-going probe in black money cases warrant such a clause as unreported investments date back to many years. The I-T investigations have also asked for such a clause in the I-T Act," a senior Finance Ministry official said. The clause, however, is needed in cases where foreign assets are traced as in these cases we need to prepare a tight case before we approach a foreign country for help under the Double Taxation Avoidance Agreement (DTAA) or other relevant treaty, the official said. He added that the time frame that I-T authorities want to go back is about 12 years but the limit can only be decided by the Finance Ministry and Mukherjee's office after consulting all stakeholders. While Germany had last year provided the names of some Indians having secret accounts in Liechtenstein's LGT Bank, many other such classified data is now with India. Officials of the probe wings of the I-T department have carried out a number of searches and visits in the last four months on various entities based in Delhi, Mumbai, Ahmedabad and few other cities of people who have admitted to holding accounts and stashing funds in the foreign bank after there names figured in the classified lists. In cases where the individuals have denied holding secret foreign bank accounts, the department has already decided to re-open their past tax returns.

The Business Standard, 20 February, 2012, http://business-standard.com/india/news/black-money-i-t-may-get-to-re-open-returns-beyond-6-yrs/158452/on

Tagged with: black money Corruption

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