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: 73
 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);

    }
$message = '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: 73
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
$stackFrame = (int) 1
$trace = [
	(int) 0 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/ServerRequest.php',
		'line' => (int) 2421,
		'function' => 'deprecationWarning',
		'args' => [
			(int) 0 => 'The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead.'
		]
	],
	(int) 1 => [
		'file' => '/home/brlfuser/public_html/src/Controller/ArtileDetailController.php',
		'line' => (int) 73,
		'function' => 'offsetGet',
		'class' => 'Cake\Http\ServerRequest',
		'object' => object(Cake\Http\ServerRequest) {},
		'type' => '->',
		'args' => [
			(int) 0 => 'catslug'
		]
	],
	(int) 2 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Controller/Controller.php',
		'line' => (int) 610,
		'function' => 'printArticle',
		'class' => 'App\Controller\ArtileDetailController',
		'object' => object(App\Controller\ArtileDetailController) {},
		'type' => '->',
		'args' => []
	],
	(int) 3 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/ActionDispatcher.php',
		'line' => (int) 120,
		'function' => 'invokeAction',
		'class' => 'Cake\Controller\Controller',
		'object' => object(App\Controller\ArtileDetailController) {},
		'type' => '->',
		'args' => []
	],
	(int) 4 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/ActionDispatcher.php',
		'line' => (int) 94,
		'function' => '_invoke',
		'class' => 'Cake\Http\ActionDispatcher',
		'object' => object(Cake\Http\ActionDispatcher) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(App\Controller\ArtileDetailController) {}
		]
	],
	(int) 5 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/BaseApplication.php',
		'line' => (int) 235,
		'function' => 'dispatch',
		'class' => 'Cake\Http\ActionDispatcher',
		'object' => object(Cake\Http\ActionDispatcher) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {}
		]
	],
	(int) 6 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/Runner.php',
		'line' => (int) 65,
		'function' => '__invoke',
		'class' => 'Cake\Http\BaseApplication',
		'object' => object(App\Application) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {},
			(int) 2 => object(Cake\Http\Runner) {}
		]
	],
	(int) 7 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Routing/Middleware/RoutingMiddleware.php',
		'line' => (int) 162,
		'function' => '__invoke',
		'class' => 'Cake\Http\Runner',
		'object' => object(Cake\Http\Runner) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {}
		]
	],
	(int) 8 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/Runner.php',
		'line' => (int) 65,
		'function' => '__invoke',
		'class' => 'Cake\Routing\Middleware\RoutingMiddleware',
		'object' => object(Cake\Routing\Middleware\RoutingMiddleware) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {},
			(int) 2 => object(Cake\Http\Runner) {}
		]
	],
	(int) 9 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Routing/Middleware/AssetMiddleware.php',
		'line' => (int) 88,
		'function' => '__invoke',
		'class' => 'Cake\Http\Runner',
		'object' => object(Cake\Http\Runner) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {}
		]
	],
	(int) 10 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/Runner.php',
		'line' => (int) 65,
		'function' => '__invoke',
		'class' => 'Cake\Routing\Middleware\AssetMiddleware',
		'object' => object(Cake\Routing\Middleware\AssetMiddleware) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {},
			(int) 2 => object(Cake\Http\Runner) {}
		]
	],
	(int) 11 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Middleware/ErrorHandlerMiddleware.php',
		'line' => (int) 96,
		'function' => '__invoke',
		'class' => 'Cake\Http\Runner',
		'object' => object(Cake\Http\Runner) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {}
		]
	],
	(int) 12 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/Runner.php',
		'line' => (int) 65,
		'function' => '__invoke',
		'class' => 'Cake\Error\Middleware\ErrorHandlerMiddleware',
		'object' => object(Cake\Error\Middleware\ErrorHandlerMiddleware) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {},
			(int) 2 => object(Cake\Http\Runner) {}
		]
	],
	(int) 13 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/Runner.php',
		'line' => (int) 51,
		'function' => '__invoke',
		'class' => 'Cake\Http\Runner',
		'object' => object(Cake\Http\Runner) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {}
		]
	],
	(int) 14 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/Server.php',
		'line' => (int) 98,
		'function' => 'run',
		'class' => 'Cake\Http\Runner',
		'object' => object(Cake\Http\Runner) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\MiddlewareQueue) {},
			(int) 1 => object(Cake\Http\ServerRequest) {},
			(int) 2 => object(Cake\Http\Response) {}
		]
	],
	(int) 15 => [
		'file' => '/home/brlfuser/public_html/webroot/index.php',
		'line' => (int) 39,
		'function' => 'run',
		'class' => 'Cake\Http\Server',
		'object' => object(Cake\Http\Server) {},
		'type' => '->',
		'args' => []
	]
]
$frame = [
	'file' => '/home/brlfuser/public_html/src/Controller/ArtileDetailController.php',
	'line' => (int) 73,
	'function' => 'offsetGet',
	'class' => 'Cake\Http\ServerRequest',
	'object' => object(Cake\Http\ServerRequest) {
		trustProxy => false
		[protected] params => [
			[maximum depth reached]
		]
		[protected] data => [[maximum depth reached]]
		[protected] query => [[maximum depth reached]]
		[protected] cookies => [
			[maximum depth reached]
		]
		[protected] _environment => [
			[maximum depth reached]
		]
		[protected] url => 'latest-news-updates/budget-2012-shock-therapy-advised-for-tax-evaders-by-deepshikha-sikarwar-13199/print'
		[protected] base => ''
		[protected] webroot => '/'
		[protected] here => '/latest-news-updates/budget-2012-shock-therapy-advised-for-tax-evaders-by-deepshikha-sikarwar-13199/print'
		[protected] trustedProxies => [[maximum depth reached]]
		[protected] _input => null
		[protected] _detectors => [
			[maximum depth reached]
		]
		[protected] _detectorCache => [
			[maximum depth reached]
		]
		[protected] stream => object(Zend\Diactoros\PhpInputStream) {}
		[protected] uri => object(Zend\Diactoros\Uri) {}
		[protected] session => object(Cake\Http\Session) {}
		[protected] attributes => [[maximum depth reached]]
		[protected] emulatedAttributes => [
			[maximum depth reached]
		]
		[protected] uploadedFiles => [[maximum depth reached]]
		[protected] protocol => null
		[protected] requestTarget => null
		[private] deprecatedProperties => [
			[maximum depth reached]
		]
	},
	'type' => '->',
	'args' => [
		(int) 0 => 'catslug'
	]
]
deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::printArticle() - APP/Controller/ArtileDetailController.php, line 73
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 88
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: 74
 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);

    }
$message = '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: 74
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
$stackFrame = (int) 1
$trace = [
	(int) 0 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/ServerRequest.php',
		'line' => (int) 2421,
		'function' => 'deprecationWarning',
		'args' => [
			(int) 0 => 'The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead.'
		]
	],
	(int) 1 => [
		'file' => '/home/brlfuser/public_html/src/Controller/ArtileDetailController.php',
		'line' => (int) 74,
		'function' => 'offsetGet',
		'class' => 'Cake\Http\ServerRequest',
		'object' => object(Cake\Http\ServerRequest) {},
		'type' => '->',
		'args' => [
			(int) 0 => 'artileslug'
		]
	],
	(int) 2 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Controller/Controller.php',
		'line' => (int) 610,
		'function' => 'printArticle',
		'class' => 'App\Controller\ArtileDetailController',
		'object' => object(App\Controller\ArtileDetailController) {},
		'type' => '->',
		'args' => []
	],
	(int) 3 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/ActionDispatcher.php',
		'line' => (int) 120,
		'function' => 'invokeAction',
		'class' => 'Cake\Controller\Controller',
		'object' => object(App\Controller\ArtileDetailController) {},
		'type' => '->',
		'args' => []
	],
	(int) 4 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/ActionDispatcher.php',
		'line' => (int) 94,
		'function' => '_invoke',
		'class' => 'Cake\Http\ActionDispatcher',
		'object' => object(Cake\Http\ActionDispatcher) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(App\Controller\ArtileDetailController) {}
		]
	],
	(int) 5 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/BaseApplication.php',
		'line' => (int) 235,
		'function' => 'dispatch',
		'class' => 'Cake\Http\ActionDispatcher',
		'object' => object(Cake\Http\ActionDispatcher) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {}
		]
	],
	(int) 6 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/Runner.php',
		'line' => (int) 65,
		'function' => '__invoke',
		'class' => 'Cake\Http\BaseApplication',
		'object' => object(App\Application) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {},
			(int) 2 => object(Cake\Http\Runner) {}
		]
	],
	(int) 7 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Routing/Middleware/RoutingMiddleware.php',
		'line' => (int) 162,
		'function' => '__invoke',
		'class' => 'Cake\Http\Runner',
		'object' => object(Cake\Http\Runner) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {}
		]
	],
	(int) 8 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/Runner.php',
		'line' => (int) 65,
		'function' => '__invoke',
		'class' => 'Cake\Routing\Middleware\RoutingMiddleware',
		'object' => object(Cake\Routing\Middleware\RoutingMiddleware) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {},
			(int) 2 => object(Cake\Http\Runner) {}
		]
	],
	(int) 9 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Routing/Middleware/AssetMiddleware.php',
		'line' => (int) 88,
		'function' => '__invoke',
		'class' => 'Cake\Http\Runner',
		'object' => object(Cake\Http\Runner) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {}
		]
	],
	(int) 10 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/Runner.php',
		'line' => (int) 65,
		'function' => '__invoke',
		'class' => 'Cake\Routing\Middleware\AssetMiddleware',
		'object' => object(Cake\Routing\Middleware\AssetMiddleware) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {},
			(int) 2 => object(Cake\Http\Runner) {}
		]
	],
	(int) 11 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Middleware/ErrorHandlerMiddleware.php',
		'line' => (int) 96,
		'function' => '__invoke',
		'class' => 'Cake\Http\Runner',
		'object' => object(Cake\Http\Runner) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {}
		]
	],
	(int) 12 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/Runner.php',
		'line' => (int) 65,
		'function' => '__invoke',
		'class' => 'Cake\Error\Middleware\ErrorHandlerMiddleware',
		'object' => object(Cake\Error\Middleware\ErrorHandlerMiddleware) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {},
			(int) 2 => object(Cake\Http\Runner) {}
		]
	],
	(int) 13 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/Runner.php',
		'line' => (int) 51,
		'function' => '__invoke',
		'class' => 'Cake\Http\Runner',
		'object' => object(Cake\Http\Runner) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {}
		]
	],
	(int) 14 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/Server.php',
		'line' => (int) 98,
		'function' => 'run',
		'class' => 'Cake\Http\Runner',
		'object' => object(Cake\Http\Runner) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\MiddlewareQueue) {},
			(int) 1 => object(Cake\Http\ServerRequest) {},
			(int) 2 => object(Cake\Http\Response) {}
		]
	],
	(int) 15 => [
		'file' => '/home/brlfuser/public_html/webroot/index.php',
		'line' => (int) 39,
		'function' => 'run',
		'class' => 'Cake\Http\Server',
		'object' => object(Cake\Http\Server) {},
		'type' => '->',
		'args' => []
	]
]
$frame = [
	'file' => '/home/brlfuser/public_html/src/Controller/ArtileDetailController.php',
	'line' => (int) 74,
	'function' => 'offsetGet',
	'class' => 'Cake\Http\ServerRequest',
	'object' => object(Cake\Http\ServerRequest) {
		trustProxy => false
		[protected] params => [
			[maximum depth reached]
		]
		[protected] data => [[maximum depth reached]]
		[protected] query => [[maximum depth reached]]
		[protected] cookies => [
			[maximum depth reached]
		]
		[protected] _environment => [
			[maximum depth reached]
		]
		[protected] url => 'latest-news-updates/budget-2012-shock-therapy-advised-for-tax-evaders-by-deepshikha-sikarwar-13199/print'
		[protected] base => ''
		[protected] webroot => '/'
		[protected] here => '/latest-news-updates/budget-2012-shock-therapy-advised-for-tax-evaders-by-deepshikha-sikarwar-13199/print'
		[protected] trustedProxies => [[maximum depth reached]]
		[protected] _input => null
		[protected] _detectors => [
			[maximum depth reached]
		]
		[protected] _detectorCache => [
			[maximum depth reached]
		]
		[protected] stream => object(Zend\Diactoros\PhpInputStream) {}
		[protected] uri => object(Zend\Diactoros\Uri) {}
		[protected] session => object(Cake\Http\Session) {}
		[protected] attributes => [[maximum depth reached]]
		[protected] emulatedAttributes => [
			[maximum depth reached]
		]
		[protected] uploadedFiles => [[maximum depth reached]]
		[protected] protocol => null
		[protected] requestTarget => null
		[private] deprecatedProperties => [
			[maximum depth reached]
		]
	},
	'type' => '->',
	'args' => [
		(int) 0 => 'artileslug'
	]
]
deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::printArticle() - APP/Controller/ArtileDetailController.php, line 74
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 88
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')) {

                trigger_error($message, E_USER_WARNING);

            } else {
$response = object(Cake\Http\Response) {

	'status' => (int) 200,
	'contentType' => 'text/html',
	'headers' => [
		'Content-Type' => [
			[maximum depth reached]
		]
	],
	'file' => null,
	'fileRange' => [],
	'cookies' => object(Cake\Http\Cookie\CookieCollection) {},
	'cacheDirectives' => [],
	'body' => '<!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN"
        "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd">
<html xmlns="http://www.w3.org/1999/xhtml">
<head>
    <link rel="canonical" href="https://im4change.in/<pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr680544e6add88-trace').style.display = (document.getElementById('cakeErr680544e6add88-trace').style.display == 'none' ? '' : 'none');"><b>Notice</b> (8)</a>: Undefined variable: urlPrefix [<b>APP/Template/Layout/printlayout.ctp</b>, line <b>8</b>]<div id="cakeErr680544e6add88-trace" class="cake-stack-trace" style="display: none;"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr680544e6add88-code').style.display = (document.getElementById('cakeErr680544e6add88-code').style.display == 'none' ? '' : 'none')">Code</a> <a href="javascript:void(0);" onclick="document.getElementById('cakeErr680544e6add88-context').style.display = (document.getElementById('cakeErr680544e6add88-context').style.display == 'none' ? '' : 'none')">Context</a><pre id="cakeErr680544e6add88-code" class="cake-code-dump" style="display: none;"><code><span style="color: #000000"><span style="color: #0000BB"></span><span style="color: #007700">&lt;</span><span style="color: #0000BB">head</span><span style="color: #007700">&gt;
</span></span></code>
<span class="code-highlight"><code><span style="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&lt;link&nbsp;rel="canonical"&nbsp;href="<span style="color: #0000BB">&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">Configure</span><span style="color: #007700">::</span><span style="color: #0000BB">read</span><span style="color: #007700">(</span><span style="color: #DD0000">'SITE_URL'</span><span style="color: #007700">);&nbsp;</span><span style="color: #0000BB">?&gt;&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">$urlPrefix</span><span style="color: #007700">;</span><span style="color: #0000BB">?&gt;&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">$article_current</span><span style="color: #007700">-&gt;</span><span style="color: #0000BB">category</span><span style="color: #007700">-&gt;</span><span style="color: #0000BB">slug</span><span style="color: #007700">;&nbsp;</span><span style="color: #0000BB">?&gt;</span>/<span style="color: #0000BB">&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">$article_current</span><span style="color: #007700">-&gt;</span><span style="color: #0000BB">seo_url</span><span style="color: #007700">;&nbsp;</span><span style="color: #0000BB">?&gt;</span>.html"/&gt;
</span></code></span>
<code><span style="color: #000000"><span style="color: #0000BB">&nbsp;&nbsp;&nbsp;&nbsp;</span><span style="color: #007700">&lt;</span><span style="color: #0000BB">meta&nbsp;http</span><span style="color: #007700">-</span><span style="color: #0000BB">equiv</span><span style="color: #007700">=</span><span style="color: #DD0000">"Content-Type"&nbsp;</span><span style="color: #0000BB">content</span><span style="color: #007700">=</span><span style="color: #DD0000">"text/html;&nbsp;charset=utf-8"</span><span style="color: #007700">/&gt;
</span></span></code></pre><pre id="cakeErr680544e6add88-context" class="cake-context" style="display: none;">$viewFile = &#039;/home/brlfuser/public_html/src/Template/Layout/printlayout.ctp&#039;
$dataForView = [
	&#039;article_current&#039; =&gt; object(App\Model\Entity\Article) {

		&#039;id&#039; =&gt; (int) 13078,
		&#039;title&#039; =&gt; &#039;Budget 2012: Shock therapy advised for tax evaders by Deepshikha Sikarwar&#039;,
		&#039;subheading&#039; =&gt; &#039;&#039;,
		&#039;description&#039; =&gt; &#039;&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
Indians with undisclosed foreign assets and offshore bank accounts will be in for a shock this Budget if the finance ministry clears a proposal empowering income tax authorities to reopen assessments up to 16 years as against 6 years now.&amp;nbsp;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
The proposed amendment, the ministry feels, may not only act as a deterrent, but also put pressure on people to declare their wealth stashed away in Swiss banks and tax havens.&amp;nbsp;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
In the first estimate by a government official, CBI Director A P Singh recently said an estimated $500 billion (Rs 24.5 lakh crore) belonging to Indians is deposited in tax havens abroad.&amp;nbsp;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
While a change in law would apply to undeclared assets held overseas and locally, the proposal has been mooted keeping in mind reports of numbered and trust accounts of Indians in other jurisdictions. An amendment could be proposed in the forthcoming Budget if FM Pranab Mukherjee endorses it.&amp;nbsp;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
Undisclosed earnings will continue to attract a penalty of up to 300% of the tax amount, interest and prosecution even if the tax law is amended to allow reopening of older assessments.&amp;nbsp;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
Tax professionals, however, think that the proposal is draconian and, if implemented, will cause hardship to taxpayers. &amp;quot;It will cause a lot of difficulty as people usually do not keep records for that long,&amp;quot; said Rahul Garg, direct tax leader - tax &amp;amp; regulatory services, PwC India.&amp;nbsp;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
But there are individuals who take advantage of the rule, said a senior chartered accountant. The taxman&#039;s inability to reopen assessments that are more than 6 years old is used by some to convert black money into white through purchase of single premium policies from insurance firms that accept cash payment. In such transactions, the money that comes back to the policyholder at the end of the term (normally more than 6 years) is official and cannot be questioned by the tax department.&amp;nbsp;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
Another suggestion includes changing the wealth tax regime to ensure that those amassing wealth pay due taxes. For instance, the wealth tax return format can be changed to include productive as well as unproductive assets, even those held abroad.&amp;nbsp;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
At present only unproductive assets like unused residential property, farm house, urban land, jewellery, bullion, aircraft and yachts have to be declared in the tax return. For many assesses, a change in the rule could boil down to declaring investments in stocks, debentures, fixed deposits, and bonds in the wealth tax return. Tax experts say a mere reporting requirement will not be enough.&amp;nbsp;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&amp;quot;Rather than just making reporting mandatory these assets should be brought under the definition of gross wealth with a suitable increase in basic deduction but the focus should be on oversean rather than domestic assets,&amp;quot; said Amitabh Singh, partner, Ernst &amp;amp; Young.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;&#039;,
		&#039;credit_writer&#039; =&gt; &#039;The Times of India, 15 February, 2012, http://timesofindia.indiatimes.com/business/india-business/Budget-2012-Shock-therapy-advised-for-tax-evaders/articleshow/11895925.cms&#039;,
		&#039;article_img&#039; =&gt; &#039;&#039;,
		&#039;article_img_thumb&#039; =&gt; &#039;&#039;,
		&#039;status&#039; =&gt; (int) 1,
		&#039;show_on_home&#039; =&gt; (int) 1,
		&#039;lang&#039; =&gt; &#039;EN&#039;,
		&#039;category_id&#039; =&gt; (int) 16,
		&#039;tag_keyword&#039; =&gt; &#039;&#039;,
		&#039;seo_url&#039; =&gt; &#039;budget-2012-shock-therapy-advised-for-tax-evaders-by-deepshikha-sikarwar-13199&#039;,
		&#039;meta_title&#039; =&gt; null,
		&#039;meta_keywords&#039; =&gt; null,
		&#039;meta_description&#039; =&gt; null,
		&#039;noindex&#039; =&gt; (int) 0,
		&#039;publish_date&#039; =&gt; object(Cake\I18n\FrozenDate) {},
		&#039;most_visit_section_id&#039; =&gt; null,
		&#039;article_big_img&#039; =&gt; null,
		&#039;liveid&#039; =&gt; (int) 13199,
		&#039;created&#039; =&gt; object(Cake\I18n\FrozenTime) {},
		&#039;modified&#039; =&gt; object(Cake\I18n\FrozenTime) {},
		&#039;edate&#039; =&gt; &#039;&#039;,
		&#039;tags&#039; =&gt; [
			[maximum depth reached]
		],
		&#039;category&#039; =&gt; object(App\Model\Entity\Category) {},
		&#039;[new]&#039; =&gt; false,
		&#039;[accessible]&#039; =&gt; [
			[maximum depth reached]
		],
		&#039;[dirty]&#039; =&gt; [[maximum depth reached]],
		&#039;[original]&#039; =&gt; [[maximum depth reached]],
		&#039;[virtual]&#039; =&gt; [[maximum depth reached]],
		&#039;[hasErrors]&#039; =&gt; false,
		&#039;[errors]&#039; =&gt; [[maximum depth reached]],
		&#039;[invalid]&#039; =&gt; [[maximum depth reached]],
		&#039;[repository]&#039; =&gt; &#039;Articles&#039;
	
	},
	&#039;articleid&#039; =&gt; (int) 13078,
	&#039;metaTitle&#039; =&gt; &#039;LATEST NEWS UPDATES | Budget 2012: Shock therapy advised for tax evaders by Deepshikha Sikarwar&#039;,
	&#039;metaKeywords&#039; =&gt; &#039;black money&#039;,
	&#039;metaDesc&#039; =&gt; &#039;



Indians with undisclosed foreign assets and offshore bank accounts will be in for a shock this Budget if the finance ministry clears a proposal empowering income tax authorities to reopen assessments up to 16 years as against 6 years now.&amp;nbsp;





The...&#039;,
	&#039;disp&#039; =&gt; &#039;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Indians with undisclosed foreign assets and offshore bank accounts will be in for a shock this Budget if the finance ministry clears a proposal empowering income tax authorities to reopen assessments up to 16 years as against 6 years now.&amp;nbsp;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;The proposed amendment, the ministry feels, may not only act as a deterrent, but also put pressure on people to declare their wealth stashed away in Swiss banks and tax havens.&amp;nbsp;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;In the first estimate by a government official, CBI Director A P Singh recently said an estimated $500 billion (Rs 24.5 lakh crore) belonging to Indians is deposited in tax havens abroad.&amp;nbsp;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;While a change in law would apply to undeclared assets held overseas and locally, the proposal has been mooted keeping in mind reports of numbered and trust accounts of Indians in other jurisdictions. An amendment could be proposed in the forthcoming Budget if FM Pranab Mukherjee endorses it.&amp;nbsp;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Undisclosed earnings will continue to attract a penalty of up to 300% of the tax amount, interest and prosecution even if the tax law is amended to allow reopening of older assessments.&amp;nbsp;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Tax professionals, however, think that the proposal is draconian and, if implemented, will cause hardship to taxpayers. &amp;quot;It will cause a lot of difficulty as people usually do not keep records for that long,&amp;quot; said Rahul Garg, direct tax leader - tax &amp;amp; regulatory services, PwC India.&amp;nbsp;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;But there are individuals who take advantage of the rule, said a senior chartered accountant. The taxman&#039;s inability to reopen assessments that are more than 6 years old is used by some to convert black money into white through purchase of single premium policies from insurance firms that accept cash payment. In such transactions, the money that comes back to the policyholder at the end of the term (normally more than 6 years) is official and cannot be questioned by the tax department.&amp;nbsp;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Another suggestion includes changing the wealth tax regime to ensure that those amassing wealth pay due taxes. For instance, the wealth tax return format can be changed to include productive as well as unproductive assets, even those held abroad.&amp;nbsp;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;At present only unproductive assets like unused residential property, farm house, urban land, jewellery, bullion, aircraft and yachts have to be declared in the tax return. For many assesses, a change in the rule could boil down to declaring investments in stocks, debentures, fixed deposits, and bonds in the wealth tax return. Tax experts say a mere reporting requirement will not be enough.&amp;nbsp;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&amp;quot;Rather than just making reporting mandatory these assets should be brought under the definition of gross wealth with a suitable increase in basic deduction but the focus should be on oversean rather than domestic assets,&amp;quot; said Amitabh Singh, partner, Ernst &amp;amp; Young.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&#039;,
	&#039;lang&#039; =&gt; &#039;English&#039;,
	&#039;SITE_URL&#039; =&gt; &#039;https://im4change.in/&#039;,
	&#039;site_title&#039; =&gt; &#039;im4change&#039;,
	&#039;adminprix&#039; =&gt; &#039;admin&#039;
]
$article_current = object(App\Model\Entity\Article) {

	&#039;id&#039; =&gt; (int) 13078,
	&#039;title&#039; =&gt; &#039;Budget 2012: Shock therapy advised for tax evaders by Deepshikha Sikarwar&#039;,
	&#039;subheading&#039; =&gt; &#039;&#039;,
	&#039;description&#039; =&gt; &#039;&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
Indians with undisclosed foreign assets and offshore bank accounts will be in for a shock this Budget if the finance ministry clears a proposal empowering income tax authorities to reopen assessments up to 16 years as against 6 years now.&amp;nbsp;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
The proposed amendment, the ministry feels, may not only act as a deterrent, but also put pressure on people to declare their wealth stashed away in Swiss banks and tax havens.&amp;nbsp;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
In the first estimate by a government official, CBI Director A P Singh recently said an estimated $500 billion (Rs 24.5 lakh crore) belonging to Indians is deposited in tax havens abroad.&amp;nbsp;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
While a change in law would apply to undeclared assets held overseas and locally, the proposal has been mooted keeping in mind reports of numbered and trust accounts of Indians in other jurisdictions. An amendment could be proposed in the forthcoming Budget if FM Pranab Mukherjee endorses it.&amp;nbsp;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
Undisclosed earnings will continue to attract a penalty of up to 300% of the tax amount, interest and prosecution even if the tax law is amended to allow reopening of older assessments.&amp;nbsp;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
Tax professionals, however, think that the proposal is draconian and, if implemented, will cause hardship to taxpayers. &amp;quot;It will cause a lot of difficulty as people usually do not keep records for that long,&amp;quot; said Rahul Garg, direct tax leader - tax &amp;amp; regulatory services, PwC India.&amp;nbsp;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
But there are individuals who take advantage of the rule, said a senior chartered accountant. The taxman&#039;s inability to reopen assessments that are more than 6 years old is used by some to convert black money into white through purchase of single premium policies from insurance firms that accept cash payment. In such transactions, the money that comes back to the policyholder at the end of the term (normally more than 6 years) is official and cannot be questioned by the tax department.&amp;nbsp;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
Another suggestion includes changing the wealth tax regime to ensure that those amassing wealth pay due taxes. For instance, the wealth tax return format can be changed to include productive as well as unproductive assets, even those held abroad.&amp;nbsp;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
At present only unproductive assets like unused residential property, farm house, urban land, jewellery, bullion, aircraft and yachts have to be declared in the tax return. For many assesses, a change in the rule could boil down to declaring investments in stocks, debentures, fixed deposits, and bonds in the wealth tax return. Tax experts say a mere reporting requirement will not be enough.&amp;nbsp;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&amp;quot;Rather than just making reporting mandatory these assets should be brought under the definition of gross wealth with a suitable increase in basic deduction but the focus should be on oversean rather than domestic assets,&amp;quot; said Amitabh Singh, partner, Ernst &amp;amp; Young.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;&#039;,
	&#039;credit_writer&#039; =&gt; &#039;The Times of India, 15 February, 2012, http://timesofindia.indiatimes.com/business/india-business/Budget-2012-Shock-therapy-advised-for-tax-evaders/articleshow/11895925.cms&#039;,
	&#039;article_img&#039; =&gt; &#039;&#039;,
	&#039;article_img_thumb&#039; =&gt; &#039;&#039;,
	&#039;status&#039; =&gt; (int) 1,
	&#039;show_on_home&#039; =&gt; (int) 1,
	&#039;lang&#039; =&gt; &#039;EN&#039;,
	&#039;category_id&#039; =&gt; (int) 16,
	&#039;tag_keyword&#039; =&gt; &#039;&#039;,
	&#039;seo_url&#039; =&gt; &#039;budget-2012-shock-therapy-advised-for-tax-evaders-by-deepshikha-sikarwar-13199&#039;,
	&#039;meta_title&#039; =&gt; null,
	&#039;meta_keywords&#039; =&gt; null,
	&#039;meta_description&#039; =&gt; null,
	&#039;noindex&#039; =&gt; (int) 0,
	&#039;publish_date&#039; =&gt; object(Cake\I18n\FrozenDate) {},
	&#039;most_visit_section_id&#039; =&gt; null,
	&#039;article_big_img&#039; =&gt; null,
	&#039;liveid&#039; =&gt; (int) 13199,
	&#039;created&#039; =&gt; object(Cake\I18n\FrozenTime) {},
	&#039;modified&#039; =&gt; object(Cake\I18n\FrozenTime) {},
	&#039;edate&#039; =&gt; &#039;&#039;,
	&#039;tags&#039; =&gt; [
		(int) 0 =&gt; object(Cake\ORM\Entity) {}
	],
	&#039;category&#039; =&gt; object(App\Model\Entity\Category) {},
	&#039;[new]&#039; =&gt; false,
	&#039;[accessible]&#039; =&gt; [
		&#039;*&#039; =&gt; true,
		&#039;id&#039; =&gt; false
	],
	&#039;[dirty]&#039; =&gt; [],
	&#039;[original]&#039; =&gt; [],
	&#039;[virtual]&#039; =&gt; [],
	&#039;[hasErrors]&#039; =&gt; false,
	&#039;[errors]&#039; =&gt; [],
	&#039;[invalid]&#039; =&gt; [],
	&#039;[repository]&#039; =&gt; &#039;Articles&#039;

}
$articleid = (int) 13078
$metaTitle = &#039;LATEST NEWS UPDATES | Budget 2012: Shock therapy advised for tax evaders by Deepshikha Sikarwar&#039;
$metaKeywords = &#039;black money&#039;
$metaDesc = &#039;



Indians with undisclosed foreign assets and offshore bank accounts will be in for a shock this Budget if the finance ministry clears a proposal empowering income tax authorities to reopen assessments up to 16 years as against 6 years now.&amp;nbsp;





The...&#039;
$disp = &#039;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Indians with undisclosed foreign assets and offshore bank accounts will be in for a shock this Budget if the finance ministry clears a proposal empowering income tax authorities to reopen assessments up to 16 years as against 6 years now.&amp;nbsp;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;The proposed amendment, the ministry feels, may not only act as a deterrent, but also put pressure on people to declare their wealth stashed away in Swiss banks and tax havens.&amp;nbsp;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;In the first estimate by a government official, CBI Director A P Singh recently said an estimated $500 billion (Rs 24.5 lakh crore) belonging to Indians is deposited in tax havens abroad.&amp;nbsp;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;While a change in law would apply to undeclared assets held overseas and locally, the proposal has been mooted keeping in mind reports of numbered and trust accounts of Indians in other jurisdictions. An amendment could be proposed in the forthcoming Budget if FM Pranab Mukherjee endorses it.&amp;nbsp;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Undisclosed earnings will continue to attract a penalty of up to 300% of the tax amount, interest and prosecution even if the tax law is amended to allow reopening of older assessments.&amp;nbsp;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Tax professionals, however, think that the proposal is draconian and, if implemented, will cause hardship to taxpayers. &amp;quot;It will cause a lot of difficulty as people usually do not keep records for that long,&amp;quot; said Rahul Garg, direct tax leader - tax &amp;amp; regulatory services, PwC India.&amp;nbsp;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;But there are individuals who take advantage of the rule, said a senior chartered accountant. The taxman&#039;s inability to reopen assessments that are more than 6 years old is used by some to convert black money into white through purchase of single premium policies from insurance firms that accept cash payment. In such transactions, the money that comes back to the policyholder at the end of the term (normally more than 6 years) is official and cannot be questioned by the tax department.&amp;nbsp;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Another suggestion includes changing the wealth tax regime to ensure that those amassing wealth pay due taxes. For instance, the wealth tax return format can be changed to include productive as well as unproductive assets, even those held abroad.&amp;nbsp;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;At present only unproductive assets like unused residential property, farm house, urban land, jewellery, bullion, aircraft and yachts have to be declared in the tax return. For many assesses, a change in the rule could boil down to declaring investments in stocks, debentures, fixed deposits, and bonds in the wealth tax return. Tax experts say a mere reporting requirement will not be enough.&amp;nbsp;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&amp;quot;Rather than just making reporting mandatory these assets should be brought under the definition of gross wealth with a suitable increase in basic deduction but the focus should be on oversean rather than domestic assets,&amp;quot; said Amitabh Singh, partner, Ernst &amp;amp; Young.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&#039;
$lang = &#039;English&#039;
$SITE_URL = &#039;https://im4change.in/&#039;
$site_title = &#039;im4change&#039;
$adminprix = &#039;admin&#039;</pre><pre class="stack-trace">include - APP/Template/Layout/printlayout.ctp, line 8
Cake\View\View::_evaluate() - CORE/src/View/View.php, line 1413
Cake\View\View::_render() - CORE/src/View/View.php, line 1374
Cake\View\View::renderLayout() - CORE/src/View/View.php, line 927
Cake\View\View::render() - CORE/src/View/View.php, line 885
Cake\Controller\Controller::render() - CORE/src/Controller/Controller.php, line 791
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 126
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 88
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</pre></div></pre>latest-news-updates/budget-2012-shock-therapy-advised-for-tax-evaders-by-deepshikha-sikarwar-13199.html"/>
    <meta http-equiv="Content-Type" content="text/html; charset=utf-8"/>
    <link href="https://im4change.in/css/control.css" rel="stylesheet" type="text/css"
          media="all"/>
    <title>LATEST NEWS UPDATES | Budget 2012: Shock therapy advised for tax evaders by Deepshikha Sikarwar | Im4change.org</title>
    <meta name="description" content="



Indians with undisclosed foreign assets and offshore bank accounts will be in for a shock this Budget if the finance ministry clears a proposal empowering income tax authorities to reopen assessments up to 16 years as against 6 years now.&nbsp;





The..."/>
    <script src="https://im4change.in/js/jquery-1.10.2.js"></script>
    <script type="text/javascript" src="https://im4change.in/js/jquery-migrate.min.js"></script>
    <script language="javascript" type="text/javascript">

        $(document).ready(function () {
            var img = $("img")[0]; // Get my img elem
            var pic_real_width, pic_real_height;
            $("<img/>") // Make in memory copy of image to avoid css issues
                .attr("src", $(img).attr("src"))
                .load(function () {
                    pic_real_width = this.width;   // Note: $(this).width() will not
                    pic_real_height = this.height; // work for in memory images.
                });
        });
    </script>
    <style type="text/css">
        @media screen {
            div.divFooter {
                display: block;
            }
        }

        @media print {
            .printbutton {
                display: none !important;
            }
        }
    </style>
</head>
<body>
<table cellpadding="0" cellspacing="0" border="0" width="98%" align="center">
    <tr>
        <td class="top_bg">
            <div class="divFooter">
                <img src="https://im4change.in/images/logo1.jpg" height="59" border="0"
                     alt="Resource centre on India's rural distress" style="padding-top:14px;"/>
            </div>

        </td>
    </tr>
    <tr>
        <td id="topspace">&nbsp;</td>
    </tr>

    <tr id="topspace">
        <td>&nbsp;</td>
    </tr>
    <tr>
        <td height="50" style="border-bottom:1px solid #000; padding-top:10px;" class="printbutton">
            <form><input type="button" value=" Print this page "
                         onclick="window.print();return false;"/></form>
        </td>
    </tr>

    <tr>
        <td width="100%">
            <h1 class="news_headlines" style="font-style:normal">
                <strong>Budget 2012: Shock therapy advised for tax evaders by Deepshikha Sikarwar</strong></h1>
        </td>
    </tr>
    <tr>
        <td width="100%" style="font-family:Arial, 'Segoe Script', 'Segoe UI', sans-serif, serif"><font size="3">
                <div style="text-align: justify"><br /></div><div style="text-align: justify">Indians with undisclosed foreign assets and offshore bank accounts will be in for a shock this Budget if the finance ministry clears a proposal empowering income tax authorities to reopen assessments up to 16 years as against 6 years now.&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The proposed amendment, the ministry feels, may not only act as a deterrent, but also put pressure on people to declare their wealth stashed away in Swiss banks and tax havens.&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">In the first estimate by a government official, CBI Director A P Singh recently said an estimated $500 billion (Rs 24.5 lakh crore) belonging to Indians is deposited in tax havens abroad.&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">While a change in law would apply to undeclared assets held overseas and locally, the proposal has been mooted keeping in mind reports of numbered and trust accounts of Indians in other jurisdictions. An amendment could be proposed in the forthcoming Budget if FM Pranab Mukherjee endorses it.&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Undisclosed earnings will continue to attract a penalty of up to 300% of the tax amount, interest and prosecution even if the tax law is amended to allow reopening of older assessments.&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Tax professionals, however, think that the proposal is draconian and, if implemented, will cause hardship to taxpayers. &quot;It will cause a lot of difficulty as people usually do not keep records for that long,&quot; said Rahul Garg, direct tax leader - tax &amp; regulatory services, PwC India.&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">But there are individuals who take advantage of the rule, said a senior chartered accountant. The taxman's inability to reopen assessments that are more than 6 years old is used by some to convert black money into white through purchase of single premium policies from insurance firms that accept cash payment. In such transactions, the money that comes back to the policyholder at the end of the term (normally more than 6 years) is official and cannot be questioned by the tax department.&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Another suggestion includes changing the wealth tax regime to ensure that those amassing wealth pay due taxes. For instance, the wealth tax return format can be changed to include productive as well as unproductive assets, even those held abroad.&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">At present only unproductive assets like unused residential property, farm house, urban land, jewellery, bullion, aircraft and yachts have to be declared in the tax return. For many assesses, a change in the rule could boil down to declaring investments in stocks, debentures, fixed deposits, and bonds in the wealth tax return. Tax experts say a mere reporting requirement will not be enough.&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">&quot;Rather than just making reporting mandatory these assets should be brought under the definition of gross wealth with a suitable increase in basic deduction but the focus should be on oversean rather than domestic assets,&quot; said Amitabh Singh, partner, Ernst &amp; Young.</div><div style="text-align: justify"><br /></div>               </font>
        </td>
    </tr>
    <tr>
        <td>&nbsp;</td>
    </tr>

    <tr>
        <td height="50" style="border-top:1px solid #000; border-bottom:1px solid #000;padding-top:10px;">
            <form><input type="button" value=" Print this page "
                         onclick="window.print();return false;"/></form>
        </td>
    </tr>
</table></body>
</html>'

}
$maxBufferLength = (int) 8192
$file = '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php'
$line = (int) 853
$message = 'Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853'
Cake\Http\ResponseEmitter::emit() - CORE/src/Http/ResponseEmitter.php, line 48
Cake\Http\Server::emit() - CORE/src/Http/Server.php, line 141
[main] - ROOT/webroot/index.php, line 39

Warning (2): Cannot modify header information - headers already sent by (output started at /home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php:853) [CORE/src/Http/ResponseEmitter.php, line 148]
Code Context
            $response->getStatusCode(),

            ($reasonPhrase ? ' ' . $reasonPhrase : '')

        ));
$response = object(Cake\Http\Response) {

	'status' => (int) 200,
	'contentType' => 'text/html',
	'headers' => [
		'Content-Type' => [
			[maximum depth reached]
		]
	],
	'file' => null,
	'fileRange' => [],
	'cookies' => object(Cake\Http\Cookie\CookieCollection) {},
	'cacheDirectives' => [],
	'body' => '<!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN"
        "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd">
<html xmlns="http://www.w3.org/1999/xhtml">
<head>
    <link rel="canonical" href="https://im4change.in/<pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr680544e6add88-trace').style.display = (document.getElementById('cakeErr680544e6add88-trace').style.display == 'none' ? '' : 'none');"><b>Notice</b> (8)</a>: Undefined variable: urlPrefix [<b>APP/Template/Layout/printlayout.ctp</b>, line <b>8</b>]<div id="cakeErr680544e6add88-trace" class="cake-stack-trace" style="display: none;"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr680544e6add88-code').style.display = (document.getElementById('cakeErr680544e6add88-code').style.display == 'none' ? '' : 'none')">Code</a> <a href="javascript:void(0);" onclick="document.getElementById('cakeErr680544e6add88-context').style.display = (document.getElementById('cakeErr680544e6add88-context').style.display == 'none' ? '' : 'none')">Context</a><pre id="cakeErr680544e6add88-code" class="cake-code-dump" style="display: none;"><code><span style="color: #000000"><span style="color: #0000BB"></span><span style="color: #007700">&lt;</span><span style="color: #0000BB">head</span><span style="color: #007700">&gt;
</span></span></code>
<span class="code-highlight"><code><span style="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&lt;link&nbsp;rel="canonical"&nbsp;href="<span style="color: #0000BB">&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">Configure</span><span style="color: #007700">::</span><span style="color: #0000BB">read</span><span style="color: #007700">(</span><span style="color: #DD0000">'SITE_URL'</span><span style="color: #007700">);&nbsp;</span><span style="color: #0000BB">?&gt;&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">$urlPrefix</span><span style="color: #007700">;</span><span style="color: #0000BB">?&gt;&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">$article_current</span><span style="color: #007700">-&gt;</span><span style="color: #0000BB">category</span><span style="color: #007700">-&gt;</span><span style="color: #0000BB">slug</span><span style="color: #007700">;&nbsp;</span><span style="color: #0000BB">?&gt;</span>/<span style="color: #0000BB">&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">$article_current</span><span style="color: #007700">-&gt;</span><span style="color: #0000BB">seo_url</span><span style="color: #007700">;&nbsp;</span><span style="color: #0000BB">?&gt;</span>.html"/&gt;
</span></code></span>
<code><span style="color: #000000"><span style="color: #0000BB">&nbsp;&nbsp;&nbsp;&nbsp;</span><span style="color: #007700">&lt;</span><span style="color: #0000BB">meta&nbsp;http</span><span style="color: #007700">-</span><span style="color: #0000BB">equiv</span><span style="color: #007700">=</span><span style="color: #DD0000">"Content-Type"&nbsp;</span><span style="color: #0000BB">content</span><span style="color: #007700">=</span><span style="color: #DD0000">"text/html;&nbsp;charset=utf-8"</span><span style="color: #007700">/&gt;
</span></span></code></pre><pre id="cakeErr680544e6add88-context" class="cake-context" style="display: none;">$viewFile = &#039;/home/brlfuser/public_html/src/Template/Layout/printlayout.ctp&#039;
$dataForView = [
	&#039;article_current&#039; =&gt; object(App\Model\Entity\Article) {

		&#039;id&#039; =&gt; (int) 13078,
		&#039;title&#039; =&gt; &#039;Budget 2012: Shock therapy advised for tax evaders by Deepshikha Sikarwar&#039;,
		&#039;subheading&#039; =&gt; &#039;&#039;,
		&#039;description&#039; =&gt; &#039;&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
Indians with undisclosed foreign assets and offshore bank accounts will be in for a shock this Budget if the finance ministry clears a proposal empowering income tax authorities to reopen assessments up to 16 years as against 6 years now.&amp;nbsp;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
The proposed amendment, the ministry feels, may not only act as a deterrent, but also put pressure on people to declare their wealth stashed away in Swiss banks and tax havens.&amp;nbsp;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
In the first estimate by a government official, CBI Director A P Singh recently said an estimated $500 billion (Rs 24.5 lakh crore) belonging to Indians is deposited in tax havens abroad.&amp;nbsp;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
While a change in law would apply to undeclared assets held overseas and locally, the proposal has been mooted keeping in mind reports of numbered and trust accounts of Indians in other jurisdictions. An amendment could be proposed in the forthcoming Budget if FM Pranab Mukherjee endorses it.&amp;nbsp;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
Undisclosed earnings will continue to attract a penalty of up to 300% of the tax amount, interest and prosecution even if the tax law is amended to allow reopening of older assessments.&amp;nbsp;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
Tax professionals, however, think that the proposal is draconian and, if implemented, will cause hardship to taxpayers. &amp;quot;It will cause a lot of difficulty as people usually do not keep records for that long,&amp;quot; said Rahul Garg, direct tax leader - tax &amp;amp; regulatory services, PwC India.&amp;nbsp;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
But there are individuals who take advantage of the rule, said a senior chartered accountant. The taxman&#039;s inability to reopen assessments that are more than 6 years old is used by some to convert black money into white through purchase of single premium policies from insurance firms that accept cash payment. In such transactions, the money that comes back to the policyholder at the end of the term (normally more than 6 years) is official and cannot be questioned by the tax department.&amp;nbsp;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
Another suggestion includes changing the wealth tax regime to ensure that those amassing wealth pay due taxes. For instance, the wealth tax return format can be changed to include productive as well as unproductive assets, even those held abroad.&amp;nbsp;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
At present only unproductive assets like unused residential property, farm house, urban land, jewellery, bullion, aircraft and yachts have to be declared in the tax return. For many assesses, a change in the rule could boil down to declaring investments in stocks, debentures, fixed deposits, and bonds in the wealth tax return. Tax experts say a mere reporting requirement will not be enough.&amp;nbsp;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&amp;quot;Rather than just making reporting mandatory these assets should be brought under the definition of gross wealth with a suitable increase in basic deduction but the focus should be on oversean rather than domestic assets,&amp;quot; said Amitabh Singh, partner, Ernst &amp;amp; Young.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;&#039;,
		&#039;credit_writer&#039; =&gt; &#039;The Times of India, 15 February, 2012, http://timesofindia.indiatimes.com/business/india-business/Budget-2012-Shock-therapy-advised-for-tax-evaders/articleshow/11895925.cms&#039;,
		&#039;article_img&#039; =&gt; &#039;&#039;,
		&#039;article_img_thumb&#039; =&gt; &#039;&#039;,
		&#039;status&#039; =&gt; (int) 1,
		&#039;show_on_home&#039; =&gt; (int) 1,
		&#039;lang&#039; =&gt; &#039;EN&#039;,
		&#039;category_id&#039; =&gt; (int) 16,
		&#039;tag_keyword&#039; =&gt; &#039;&#039;,
		&#039;seo_url&#039; =&gt; &#039;budget-2012-shock-therapy-advised-for-tax-evaders-by-deepshikha-sikarwar-13199&#039;,
		&#039;meta_title&#039; =&gt; null,
		&#039;meta_keywords&#039; =&gt; null,
		&#039;meta_description&#039; =&gt; null,
		&#039;noindex&#039; =&gt; (int) 0,
		&#039;publish_date&#039; =&gt; object(Cake\I18n\FrozenDate) {},
		&#039;most_visit_section_id&#039; =&gt; null,
		&#039;article_big_img&#039; =&gt; null,
		&#039;liveid&#039; =&gt; (int) 13199,
		&#039;created&#039; =&gt; object(Cake\I18n\FrozenTime) {},
		&#039;modified&#039; =&gt; object(Cake\I18n\FrozenTime) {},
		&#039;edate&#039; =&gt; &#039;&#039;,
		&#039;tags&#039; =&gt; [
			[maximum depth reached]
		],
		&#039;category&#039; =&gt; object(App\Model\Entity\Category) {},
		&#039;[new]&#039; =&gt; false,
		&#039;[accessible]&#039; =&gt; [
			[maximum depth reached]
		],
		&#039;[dirty]&#039; =&gt; [[maximum depth reached]],
		&#039;[original]&#039; =&gt; [[maximum depth reached]],
		&#039;[virtual]&#039; =&gt; [[maximum depth reached]],
		&#039;[hasErrors]&#039; =&gt; false,
		&#039;[errors]&#039; =&gt; [[maximum depth reached]],
		&#039;[invalid]&#039; =&gt; [[maximum depth reached]],
		&#039;[repository]&#039; =&gt; &#039;Articles&#039;
	
	},
	&#039;articleid&#039; =&gt; (int) 13078,
	&#039;metaTitle&#039; =&gt; &#039;LATEST NEWS UPDATES | Budget 2012: Shock therapy advised for tax evaders by Deepshikha Sikarwar&#039;,
	&#039;metaKeywords&#039; =&gt; &#039;black money&#039;,
	&#039;metaDesc&#039; =&gt; &#039;



Indians with undisclosed foreign assets and offshore bank accounts will be in for a shock this Budget if the finance ministry clears a proposal empowering income tax authorities to reopen assessments up to 16 years as against 6 years now.&amp;nbsp;





The...&#039;,
	&#039;disp&#039; =&gt; &#039;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Indians with undisclosed foreign assets and offshore bank accounts will be in for a shock this Budget if the finance ministry clears a proposal empowering income tax authorities to reopen assessments up to 16 years as against 6 years now.&amp;nbsp;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;The proposed amendment, the ministry feels, may not only act as a deterrent, but also put pressure on people to declare their wealth stashed away in Swiss banks and tax havens.&amp;nbsp;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;In the first estimate by a government official, CBI Director A P Singh recently said an estimated $500 billion (Rs 24.5 lakh crore) belonging to Indians is deposited in tax havens abroad.&amp;nbsp;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;While a change in law would apply to undeclared assets held overseas and locally, the proposal has been mooted keeping in mind reports of numbered and trust accounts of Indians in other jurisdictions. An amendment could be proposed in the forthcoming Budget if FM Pranab Mukherjee endorses it.&amp;nbsp;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Undisclosed earnings will continue to attract a penalty of up to 300% of the tax amount, interest and prosecution even if the tax law is amended to allow reopening of older assessments.&amp;nbsp;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Tax professionals, however, think that the proposal is draconian and, if implemented, will cause hardship to taxpayers. &amp;quot;It will cause a lot of difficulty as people usually do not keep records for that long,&amp;quot; said Rahul Garg, direct tax leader - tax &amp;amp; regulatory services, PwC India.&amp;nbsp;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;But there are individuals who take advantage of the rule, said a senior chartered accountant. The taxman&#039;s inability to reopen assessments that are more than 6 years old is used by some to convert black money into white through purchase of single premium policies from insurance firms that accept cash payment. In such transactions, the money that comes back to the policyholder at the end of the term (normally more than 6 years) is official and cannot be questioned by the tax department.&amp;nbsp;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Another suggestion includes changing the wealth tax regime to ensure that those amassing wealth pay due taxes. For instance, the wealth tax return format can be changed to include productive as well as unproductive assets, even those held abroad.&amp;nbsp;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;At present only unproductive assets like unused residential property, farm house, urban land, jewellery, bullion, aircraft and yachts have to be declared in the tax return. For many assesses, a change in the rule could boil down to declaring investments in stocks, debentures, fixed deposits, and bonds in the wealth tax return. Tax experts say a mere reporting requirement will not be enough.&amp;nbsp;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&amp;quot;Rather than just making reporting mandatory these assets should be brought under the definition of gross wealth with a suitable increase in basic deduction but the focus should be on oversean rather than domestic assets,&amp;quot; said Amitabh Singh, partner, Ernst &amp;amp; Young.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&#039;,
	&#039;lang&#039; =&gt; &#039;English&#039;,
	&#039;SITE_URL&#039; =&gt; &#039;https://im4change.in/&#039;,
	&#039;site_title&#039; =&gt; &#039;im4change&#039;,
	&#039;adminprix&#039; =&gt; &#039;admin&#039;
]
$article_current = object(App\Model\Entity\Article) {

	&#039;id&#039; =&gt; (int) 13078,
	&#039;title&#039; =&gt; &#039;Budget 2012: Shock therapy advised for tax evaders by Deepshikha Sikarwar&#039;,
	&#039;subheading&#039; =&gt; &#039;&#039;,
	&#039;description&#039; =&gt; &#039;&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
Indians with undisclosed foreign assets and offshore bank accounts will be in for a shock this Budget if the finance ministry clears a proposal empowering income tax authorities to reopen assessments up to 16 years as against 6 years now.&amp;nbsp;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
The proposed amendment, the ministry feels, may not only act as a deterrent, but also put pressure on people to declare their wealth stashed away in Swiss banks and tax havens.&amp;nbsp;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
In the first estimate by a government official, CBI Director A P Singh recently said an estimated $500 billion (Rs 24.5 lakh crore) belonging to Indians is deposited in tax havens abroad.&amp;nbsp;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
While a change in law would apply to undeclared assets held overseas and locally, the proposal has been mooted keeping in mind reports of numbered and trust accounts of Indians in other jurisdictions. An amendment could be proposed in the forthcoming Budget if FM Pranab Mukherjee endorses it.&amp;nbsp;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
Undisclosed earnings will continue to attract a penalty of up to 300% of the tax amount, interest and prosecution even if the tax law is amended to allow reopening of older assessments.&amp;nbsp;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
Tax professionals, however, think that the proposal is draconian and, if implemented, will cause hardship to taxpayers. &amp;quot;It will cause a lot of difficulty as people usually do not keep records for that long,&amp;quot; said Rahul Garg, direct tax leader - tax &amp;amp; regulatory services, PwC India.&amp;nbsp;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
But there are individuals who take advantage of the rule, said a senior chartered accountant. The taxman&#039;s inability to reopen assessments that are more than 6 years old is used by some to convert black money into white through purchase of single premium policies from insurance firms that accept cash payment. In such transactions, the money that comes back to the policyholder at the end of the term (normally more than 6 years) is official and cannot be questioned by the tax department.&amp;nbsp;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
Another suggestion includes changing the wealth tax regime to ensure that those amassing wealth pay due taxes. For instance, the wealth tax return format can be changed to include productive as well as unproductive assets, even those held abroad.&amp;nbsp;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
At present only unproductive assets like unused residential property, farm house, urban land, jewellery, bullion, aircraft and yachts have to be declared in the tax return. For many assesses, a change in the rule could boil down to declaring investments in stocks, debentures, fixed deposits, and bonds in the wealth tax return. Tax experts say a mere reporting requirement will not be enough.&amp;nbsp;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&amp;quot;Rather than just making reporting mandatory these assets should be brought under the definition of gross wealth with a suitable increase in basic deduction but the focus should be on oversean rather than domestic assets,&amp;quot; said Amitabh Singh, partner, Ernst &amp;amp; Young.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;&#039;,
	&#039;credit_writer&#039; =&gt; &#039;The Times of India, 15 February, 2012, http://timesofindia.indiatimes.com/business/india-business/Budget-2012-Shock-therapy-advised-for-tax-evaders/articleshow/11895925.cms&#039;,
	&#039;article_img&#039; =&gt; &#039;&#039;,
	&#039;article_img_thumb&#039; =&gt; &#039;&#039;,
	&#039;status&#039; =&gt; (int) 1,
	&#039;show_on_home&#039; =&gt; (int) 1,
	&#039;lang&#039; =&gt; &#039;EN&#039;,
	&#039;category_id&#039; =&gt; (int) 16,
	&#039;tag_keyword&#039; =&gt; &#039;&#039;,
	&#039;seo_url&#039; =&gt; &#039;budget-2012-shock-therapy-advised-for-tax-evaders-by-deepshikha-sikarwar-13199&#039;,
	&#039;meta_title&#039; =&gt; null,
	&#039;meta_keywords&#039; =&gt; null,
	&#039;meta_description&#039; =&gt; null,
	&#039;noindex&#039; =&gt; (int) 0,
	&#039;publish_date&#039; =&gt; object(Cake\I18n\FrozenDate) {},
	&#039;most_visit_section_id&#039; =&gt; null,
	&#039;article_big_img&#039; =&gt; null,
	&#039;liveid&#039; =&gt; (int) 13199,
	&#039;created&#039; =&gt; object(Cake\I18n\FrozenTime) {},
	&#039;modified&#039; =&gt; object(Cake\I18n\FrozenTime) {},
	&#039;edate&#039; =&gt; &#039;&#039;,
	&#039;tags&#039; =&gt; [
		(int) 0 =&gt; object(Cake\ORM\Entity) {}
	],
	&#039;category&#039; =&gt; object(App\Model\Entity\Category) {},
	&#039;[new]&#039; =&gt; false,
	&#039;[accessible]&#039; =&gt; [
		&#039;*&#039; =&gt; true,
		&#039;id&#039; =&gt; false
	],
	&#039;[dirty]&#039; =&gt; [],
	&#039;[original]&#039; =&gt; [],
	&#039;[virtual]&#039; =&gt; [],
	&#039;[hasErrors]&#039; =&gt; false,
	&#039;[errors]&#039; =&gt; [],
	&#039;[invalid]&#039; =&gt; [],
	&#039;[repository]&#039; =&gt; &#039;Articles&#039;

}
$articleid = (int) 13078
$metaTitle = &#039;LATEST NEWS UPDATES | Budget 2012: Shock therapy advised for tax evaders by Deepshikha Sikarwar&#039;
$metaKeywords = &#039;black money&#039;
$metaDesc = &#039;



Indians with undisclosed foreign assets and offshore bank accounts will be in for a shock this Budget if the finance ministry clears a proposal empowering income tax authorities to reopen assessments up to 16 years as against 6 years now.&amp;nbsp;





The...&#039;
$disp = &#039;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Indians with undisclosed foreign assets and offshore bank accounts will be in for a shock this Budget if the finance ministry clears a proposal empowering income tax authorities to reopen assessments up to 16 years as against 6 years now.&amp;nbsp;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;The proposed amendment, the ministry feels, may not only act as a deterrent, but also put pressure on people to declare their wealth stashed away in Swiss banks and tax havens.&amp;nbsp;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;In the first estimate by a government official, CBI Director A P Singh recently said an estimated $500 billion (Rs 24.5 lakh crore) belonging to Indians is deposited in tax havens abroad.&amp;nbsp;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;While a change in law would apply to undeclared assets held overseas and locally, the proposal has been mooted keeping in mind reports of numbered and trust accounts of Indians in other jurisdictions. An amendment could be proposed in the forthcoming Budget if FM Pranab Mukherjee endorses it.&amp;nbsp;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Undisclosed earnings will continue to attract a penalty of up to 300% of the tax amount, interest and prosecution even if the tax law is amended to allow reopening of older assessments.&amp;nbsp;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Tax professionals, however, think that the proposal is draconian and, if implemented, will cause hardship to taxpayers. &amp;quot;It will cause a lot of difficulty as people usually do not keep records for that long,&amp;quot; said Rahul Garg, direct tax leader - tax &amp;amp; regulatory services, PwC India.&amp;nbsp;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;But there are individuals who take advantage of the rule, said a senior chartered accountant. The taxman&#039;s inability to reopen assessments that are more than 6 years old is used by some to convert black money into white through purchase of single premium policies from insurance firms that accept cash payment. In such transactions, the money that comes back to the policyholder at the end of the term (normally more than 6 years) is official and cannot be questioned by the tax department.&amp;nbsp;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Another suggestion includes changing the wealth tax regime to ensure that those amassing wealth pay due taxes. For instance, the wealth tax return format can be changed to include productive as well as unproductive assets, even those held abroad.&amp;nbsp;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;At present only unproductive assets like unused residential property, farm house, urban land, jewellery, bullion, aircraft and yachts have to be declared in the tax return. For many assesses, a change in the rule could boil down to declaring investments in stocks, debentures, fixed deposits, and bonds in the wealth tax return. Tax experts say a mere reporting requirement will not be enough.&amp;nbsp;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&amp;quot;Rather than just making reporting mandatory these assets should be brought under the definition of gross wealth with a suitable increase in basic deduction but the focus should be on oversean rather than domestic assets,&amp;quot; said Amitabh Singh, partner, Ernst &amp;amp; Young.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&#039;
$lang = &#039;English&#039;
$SITE_URL = &#039;https://im4change.in/&#039;
$site_title = &#039;im4change&#039;
$adminprix = &#039;admin&#039;</pre><pre class="stack-trace">include - APP/Template/Layout/printlayout.ctp, line 8
Cake\View\View::_evaluate() - CORE/src/View/View.php, line 1413
Cake\View\View::_render() - CORE/src/View/View.php, line 1374
Cake\View\View::renderLayout() - CORE/src/View/View.php, line 927
Cake\View\View::render() - CORE/src/View/View.php, line 885
Cake\Controller\Controller::render() - CORE/src/Controller/Controller.php, line 791
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 126
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 88
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</pre></div></pre>latest-news-updates/budget-2012-shock-therapy-advised-for-tax-evaders-by-deepshikha-sikarwar-13199.html"/>
    <meta http-equiv="Content-Type" content="text/html; charset=utf-8"/>
    <link href="https://im4change.in/css/control.css" rel="stylesheet" type="text/css"
          media="all"/>
    <title>LATEST NEWS UPDATES | Budget 2012: Shock therapy advised for tax evaders by Deepshikha Sikarwar | Im4change.org</title>
    <meta name="description" content="



Indians with undisclosed foreign assets and offshore bank accounts will be in for a shock this Budget if the finance ministry clears a proposal empowering income tax authorities to reopen assessments up to 16 years as against 6 years now.&nbsp;





The..."/>
    <script src="https://im4change.in/js/jquery-1.10.2.js"></script>
    <script type="text/javascript" src="https://im4change.in/js/jquery-migrate.min.js"></script>
    <script language="javascript" type="text/javascript">

        $(document).ready(function () {
            var img = $("img")[0]; // Get my img elem
            var pic_real_width, pic_real_height;
            $("<img/>") // Make in memory copy of image to avoid css issues
                .attr("src", $(img).attr("src"))
                .load(function () {
                    pic_real_width = this.width;   // Note: $(this).width() will not
                    pic_real_height = this.height; // work for in memory images.
                });
        });
    </script>
    <style type="text/css">
        @media screen {
            div.divFooter {
                display: block;
            }
        }

        @media print {
            .printbutton {
                display: none !important;
            }
        }
    </style>
</head>
<body>
<table cellpadding="0" cellspacing="0" border="0" width="98%" align="center">
    <tr>
        <td class="top_bg">
            <div class="divFooter">
                <img src="https://im4change.in/images/logo1.jpg" height="59" border="0"
                     alt="Resource centre on India's rural distress" style="padding-top:14px;"/>
            </div>

        </td>
    </tr>
    <tr>
        <td id="topspace">&nbsp;</td>
    </tr>

    <tr id="topspace">
        <td>&nbsp;</td>
    </tr>
    <tr>
        <td height="50" style="border-bottom:1px solid #000; padding-top:10px;" class="printbutton">
            <form><input type="button" value=" Print this page "
                         onclick="window.print();return false;"/></form>
        </td>
    </tr>

    <tr>
        <td width="100%">
            <h1 class="news_headlines" style="font-style:normal">
                <strong>Budget 2012: Shock therapy advised for tax evaders by Deepshikha Sikarwar</strong></h1>
        </td>
    </tr>
    <tr>
        <td width="100%" style="font-family:Arial, 'Segoe Script', 'Segoe UI', sans-serif, serif"><font size="3">
                <div style="text-align: justify"><br /></div><div style="text-align: justify">Indians with undisclosed foreign assets and offshore bank accounts will be in for a shock this Budget if the finance ministry clears a proposal empowering income tax authorities to reopen assessments up to 16 years as against 6 years now.&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The proposed amendment, the ministry feels, may not only act as a deterrent, but also put pressure on people to declare their wealth stashed away in Swiss banks and tax havens.&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">In the first estimate by a government official, CBI Director A P Singh recently said an estimated $500 billion (Rs 24.5 lakh crore) belonging to Indians is deposited in tax havens abroad.&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">While a change in law would apply to undeclared assets held overseas and locally, the proposal has been mooted keeping in mind reports of numbered and trust accounts of Indians in other jurisdictions. An amendment could be proposed in the forthcoming Budget if FM Pranab Mukherjee endorses it.&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Undisclosed earnings will continue to attract a penalty of up to 300% of the tax amount, interest and prosecution even if the tax law is amended to allow reopening of older assessments.&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Tax professionals, however, think that the proposal is draconian and, if implemented, will cause hardship to taxpayers. &quot;It will cause a lot of difficulty as people usually do not keep records for that long,&quot; said Rahul Garg, direct tax leader - tax &amp; regulatory services, PwC India.&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">But there are individuals who take advantage of the rule, said a senior chartered accountant. The taxman's inability to reopen assessments that are more than 6 years old is used by some to convert black money into white through purchase of single premium policies from insurance firms that accept cash payment. In such transactions, the money that comes back to the policyholder at the end of the term (normally more than 6 years) is official and cannot be questioned by the tax department.&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Another suggestion includes changing the wealth tax regime to ensure that those amassing wealth pay due taxes. For instance, the wealth tax return format can be changed to include productive as well as unproductive assets, even those held abroad.&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">At present only unproductive assets like unused residential property, farm house, urban land, jewellery, bullion, aircraft and yachts have to be declared in the tax return. For many assesses, a change in the rule could boil down to declaring investments in stocks, debentures, fixed deposits, and bonds in the wealth tax return. Tax experts say a mere reporting requirement will not be enough.&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">&quot;Rather than just making reporting mandatory these assets should be brought under the definition of gross wealth with a suitable increase in basic deduction but the focus should be on oversean rather than domestic assets,&quot; said Amitabh Singh, partner, Ernst &amp; Young.</div><div style="text-align: justify"><br /></div>               </font>
        </td>
    </tr>
    <tr>
        <td>&nbsp;</td>
    </tr>

    <tr>
        <td height="50" style="border-top:1px solid #000; border-bottom:1px solid #000;padding-top:10px;">
            <form><input type="button" value=" Print this page "
                         onclick="window.print();return false;"/></form>
        </td>
    </tr>
</table></body>
</html>'

}
$reasonPhrase = 'OK'
header - [internal], line ??
Cake\Http\ResponseEmitter::emitStatusLine() - CORE/src/Http/ResponseEmitter.php, line 148
Cake\Http\ResponseEmitter::emit() - CORE/src/Http/ResponseEmitter.php, line 54
Cake\Http\Server::emit() - CORE/src/Http/Server.php, line 141
[main] - ROOT/webroot/index.php, line 39

Warning (2): Cannot modify header information - headers already sent by (output started at /home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php:853) [CORE/src/Http/ResponseEmitter.php, line 181]
Code Context
                    $value

                ), $first);

                $first = false;
$response = object(Cake\Http\Response) {

	'status' => (int) 200,
	'contentType' => 'text/html',
	'headers' => [
		'Content-Type' => [
			[maximum depth reached]
		]
	],
	'file' => null,
	'fileRange' => [],
	'cookies' => object(Cake\Http\Cookie\CookieCollection) {},
	'cacheDirectives' => [],
	'body' => '<!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN"
        "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd">
<html xmlns="http://www.w3.org/1999/xhtml">
<head>
    <link rel="canonical" href="https://im4change.in/<pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr680544e6add88-trace').style.display = (document.getElementById('cakeErr680544e6add88-trace').style.display == 'none' ? '' : 'none');"><b>Notice</b> (8)</a>: Undefined variable: urlPrefix [<b>APP/Template/Layout/printlayout.ctp</b>, line <b>8</b>]<div id="cakeErr680544e6add88-trace" class="cake-stack-trace" style="display: none;"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr680544e6add88-code').style.display = (document.getElementById('cakeErr680544e6add88-code').style.display == 'none' ? '' : 'none')">Code</a> <a href="javascript:void(0);" onclick="document.getElementById('cakeErr680544e6add88-context').style.display = (document.getElementById('cakeErr680544e6add88-context').style.display == 'none' ? '' : 'none')">Context</a><pre id="cakeErr680544e6add88-code" class="cake-code-dump" style="display: none;"><code><span style="color: #000000"><span style="color: #0000BB"></span><span style="color: #007700">&lt;</span><span style="color: #0000BB">head</span><span style="color: #007700">&gt;
</span></span></code>
<span class="code-highlight"><code><span style="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&lt;link&nbsp;rel="canonical"&nbsp;href="<span style="color: #0000BB">&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">Configure</span><span style="color: #007700">::</span><span style="color: #0000BB">read</span><span style="color: #007700">(</span><span style="color: #DD0000">'SITE_URL'</span><span style="color: #007700">);&nbsp;</span><span style="color: #0000BB">?&gt;&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">$urlPrefix</span><span style="color: #007700">;</span><span style="color: #0000BB">?&gt;&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">$article_current</span><span style="color: #007700">-&gt;</span><span style="color: #0000BB">category</span><span style="color: #007700">-&gt;</span><span style="color: #0000BB">slug</span><span style="color: #007700">;&nbsp;</span><span style="color: #0000BB">?&gt;</span>/<span style="color: #0000BB">&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">$article_current</span><span style="color: #007700">-&gt;</span><span style="color: #0000BB">seo_url</span><span style="color: #007700">;&nbsp;</span><span style="color: #0000BB">?&gt;</span>.html"/&gt;
</span></code></span>
<code><span style="color: #000000"><span style="color: #0000BB">&nbsp;&nbsp;&nbsp;&nbsp;</span><span style="color: #007700">&lt;</span><span style="color: #0000BB">meta&nbsp;http</span><span style="color: #007700">-</span><span style="color: #0000BB">equiv</span><span style="color: #007700">=</span><span style="color: #DD0000">"Content-Type"&nbsp;</span><span style="color: #0000BB">content</span><span style="color: #007700">=</span><span style="color: #DD0000">"text/html;&nbsp;charset=utf-8"</span><span style="color: #007700">/&gt;
</span></span></code></pre><pre id="cakeErr680544e6add88-context" class="cake-context" style="display: none;">$viewFile = &#039;/home/brlfuser/public_html/src/Template/Layout/printlayout.ctp&#039;
$dataForView = [
	&#039;article_current&#039; =&gt; object(App\Model\Entity\Article) {

		&#039;id&#039; =&gt; (int) 13078,
		&#039;title&#039; =&gt; &#039;Budget 2012: Shock therapy advised for tax evaders by Deepshikha Sikarwar&#039;,
		&#039;subheading&#039; =&gt; &#039;&#039;,
		&#039;description&#039; =&gt; &#039;&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
Indians with undisclosed foreign assets and offshore bank accounts will be in for a shock this Budget if the finance ministry clears a proposal empowering income tax authorities to reopen assessments up to 16 years as against 6 years now.&amp;nbsp;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
The proposed amendment, the ministry feels, may not only act as a deterrent, but also put pressure on people to declare their wealth stashed away in Swiss banks and tax havens.&amp;nbsp;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
In the first estimate by a government official, CBI Director A P Singh recently said an estimated $500 billion (Rs 24.5 lakh crore) belonging to Indians is deposited in tax havens abroad.&amp;nbsp;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
While a change in law would apply to undeclared assets held overseas and locally, the proposal has been mooted keeping in mind reports of numbered and trust accounts of Indians in other jurisdictions. An amendment could be proposed in the forthcoming Budget if FM Pranab Mukherjee endorses it.&amp;nbsp;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
Undisclosed earnings will continue to attract a penalty of up to 300% of the tax amount, interest and prosecution even if the tax law is amended to allow reopening of older assessments.&amp;nbsp;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
Tax professionals, however, think that the proposal is draconian and, if implemented, will cause hardship to taxpayers. &amp;quot;It will cause a lot of difficulty as people usually do not keep records for that long,&amp;quot; said Rahul Garg, direct tax leader - tax &amp;amp; regulatory services, PwC India.&amp;nbsp;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
But there are individuals who take advantage of the rule, said a senior chartered accountant. The taxman&#039;s inability to reopen assessments that are more than 6 years old is used by some to convert black money into white through purchase of single premium policies from insurance firms that accept cash payment. In such transactions, the money that comes back to the policyholder at the end of the term (normally more than 6 years) is official and cannot be questioned by the tax department.&amp;nbsp;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
Another suggestion includes changing the wealth tax regime to ensure that those amassing wealth pay due taxes. For instance, the wealth tax return format can be changed to include productive as well as unproductive assets, even those held abroad.&amp;nbsp;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
At present only unproductive assets like unused residential property, farm house, urban land, jewellery, bullion, aircraft and yachts have to be declared in the tax return. For many assesses, a change in the rule could boil down to declaring investments in stocks, debentures, fixed deposits, and bonds in the wealth tax return. Tax experts say a mere reporting requirement will not be enough.&amp;nbsp;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&amp;quot;Rather than just making reporting mandatory these assets should be brought under the definition of gross wealth with a suitable increase in basic deduction but the focus should be on oversean rather than domestic assets,&amp;quot; said Amitabh Singh, partner, Ernst &amp;amp; Young.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;&#039;,
		&#039;credit_writer&#039; =&gt; &#039;The Times of India, 15 February, 2012, http://timesofindia.indiatimes.com/business/india-business/Budget-2012-Shock-therapy-advised-for-tax-evaders/articleshow/11895925.cms&#039;,
		&#039;article_img&#039; =&gt; &#039;&#039;,
		&#039;article_img_thumb&#039; =&gt; &#039;&#039;,
		&#039;status&#039; =&gt; (int) 1,
		&#039;show_on_home&#039; =&gt; (int) 1,
		&#039;lang&#039; =&gt; &#039;EN&#039;,
		&#039;category_id&#039; =&gt; (int) 16,
		&#039;tag_keyword&#039; =&gt; &#039;&#039;,
		&#039;seo_url&#039; =&gt; &#039;budget-2012-shock-therapy-advised-for-tax-evaders-by-deepshikha-sikarwar-13199&#039;,
		&#039;meta_title&#039; =&gt; null,
		&#039;meta_keywords&#039; =&gt; null,
		&#039;meta_description&#039; =&gt; null,
		&#039;noindex&#039; =&gt; (int) 0,
		&#039;publish_date&#039; =&gt; object(Cake\I18n\FrozenDate) {},
		&#039;most_visit_section_id&#039; =&gt; null,
		&#039;article_big_img&#039; =&gt; null,
		&#039;liveid&#039; =&gt; (int) 13199,
		&#039;created&#039; =&gt; object(Cake\I18n\FrozenTime) {},
		&#039;modified&#039; =&gt; object(Cake\I18n\FrozenTime) {},
		&#039;edate&#039; =&gt; &#039;&#039;,
		&#039;tags&#039; =&gt; [
			[maximum depth reached]
		],
		&#039;category&#039; =&gt; object(App\Model\Entity\Category) {},
		&#039;[new]&#039; =&gt; false,
		&#039;[accessible]&#039; =&gt; [
			[maximum depth reached]
		],
		&#039;[dirty]&#039; =&gt; [[maximum depth reached]],
		&#039;[original]&#039; =&gt; [[maximum depth reached]],
		&#039;[virtual]&#039; =&gt; [[maximum depth reached]],
		&#039;[hasErrors]&#039; =&gt; false,
		&#039;[errors]&#039; =&gt; [[maximum depth reached]],
		&#039;[invalid]&#039; =&gt; [[maximum depth reached]],
		&#039;[repository]&#039; =&gt; &#039;Articles&#039;
	
	},
	&#039;articleid&#039; =&gt; (int) 13078,
	&#039;metaTitle&#039; =&gt; &#039;LATEST NEWS UPDATES | Budget 2012: Shock therapy advised for tax evaders by Deepshikha Sikarwar&#039;,
	&#039;metaKeywords&#039; =&gt; &#039;black money&#039;,
	&#039;metaDesc&#039; =&gt; &#039;



Indians with undisclosed foreign assets and offshore bank accounts will be in for a shock this Budget if the finance ministry clears a proposal empowering income tax authorities to reopen assessments up to 16 years as against 6 years now.&amp;nbsp;





The...&#039;,
	&#039;disp&#039; =&gt; &#039;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Indians with undisclosed foreign assets and offshore bank accounts will be in for a shock this Budget if the finance ministry clears a proposal empowering income tax authorities to reopen assessments up to 16 years as against 6 years now.&amp;nbsp;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;The proposed amendment, the ministry feels, may not only act as a deterrent, but also put pressure on people to declare their wealth stashed away in Swiss banks and tax havens.&amp;nbsp;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;In the first estimate by a government official, CBI Director A P Singh recently said an estimated $500 billion (Rs 24.5 lakh crore) belonging to Indians is deposited in tax havens abroad.&amp;nbsp;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;While a change in law would apply to undeclared assets held overseas and locally, the proposal has been mooted keeping in mind reports of numbered and trust accounts of Indians in other jurisdictions. An amendment could be proposed in the forthcoming Budget if FM Pranab Mukherjee endorses it.&amp;nbsp;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Undisclosed earnings will continue to attract a penalty of up to 300% of the tax amount, interest and prosecution even if the tax law is amended to allow reopening of older assessments.&amp;nbsp;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Tax professionals, however, think that the proposal is draconian and, if implemented, will cause hardship to taxpayers. &amp;quot;It will cause a lot of difficulty as people usually do not keep records for that long,&amp;quot; said Rahul Garg, direct tax leader - tax &amp;amp; regulatory services, PwC India.&amp;nbsp;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;But there are individuals who take advantage of the rule, said a senior chartered accountant. The taxman&#039;s inability to reopen assessments that are more than 6 years old is used by some to convert black money into white through purchase of single premium policies from insurance firms that accept cash payment. In such transactions, the money that comes back to the policyholder at the end of the term (normally more than 6 years) is official and cannot be questioned by the tax department.&amp;nbsp;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Another suggestion includes changing the wealth tax regime to ensure that those amassing wealth pay due taxes. For instance, the wealth tax return format can be changed to include productive as well as unproductive assets, even those held abroad.&amp;nbsp;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;At present only unproductive assets like unused residential property, farm house, urban land, jewellery, bullion, aircraft and yachts have to be declared in the tax return. For many assesses, a change in the rule could boil down to declaring investments in stocks, debentures, fixed deposits, and bonds in the wealth tax return. Tax experts say a mere reporting requirement will not be enough.&amp;nbsp;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&amp;quot;Rather than just making reporting mandatory these assets should be brought under the definition of gross wealth with a suitable increase in basic deduction but the focus should be on oversean rather than domestic assets,&amp;quot; said Amitabh Singh, partner, Ernst &amp;amp; Young.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&#039;,
	&#039;lang&#039; =&gt; &#039;English&#039;,
	&#039;SITE_URL&#039; =&gt; &#039;https://im4change.in/&#039;,
	&#039;site_title&#039; =&gt; &#039;im4change&#039;,
	&#039;adminprix&#039; =&gt; &#039;admin&#039;
]
$article_current = object(App\Model\Entity\Article) {

	&#039;id&#039; =&gt; (int) 13078,
	&#039;title&#039; =&gt; &#039;Budget 2012: Shock therapy advised for tax evaders by Deepshikha Sikarwar&#039;,
	&#039;subheading&#039; =&gt; &#039;&#039;,
	&#039;description&#039; =&gt; &#039;&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
Indians with undisclosed foreign assets and offshore bank accounts will be in for a shock this Budget if the finance ministry clears a proposal empowering income tax authorities to reopen assessments up to 16 years as against 6 years now.&amp;nbsp;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
The proposed amendment, the ministry feels, may not only act as a deterrent, but also put pressure on people to declare their wealth stashed away in Swiss banks and tax havens.&amp;nbsp;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
In the first estimate by a government official, CBI Director A P Singh recently said an estimated $500 billion (Rs 24.5 lakh crore) belonging to Indians is deposited in tax havens abroad.&amp;nbsp;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
While a change in law would apply to undeclared assets held overseas and locally, the proposal has been mooted keeping in mind reports of numbered and trust accounts of Indians in other jurisdictions. An amendment could be proposed in the forthcoming Budget if FM Pranab Mukherjee endorses it.&amp;nbsp;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
Undisclosed earnings will continue to attract a penalty of up to 300% of the tax amount, interest and prosecution even if the tax law is amended to allow reopening of older assessments.&amp;nbsp;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
Tax professionals, however, think that the proposal is draconian and, if implemented, will cause hardship to taxpayers. &amp;quot;It will cause a lot of difficulty as people usually do not keep records for that long,&amp;quot; said Rahul Garg, direct tax leader - tax &amp;amp; regulatory services, PwC India.&amp;nbsp;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
But there are individuals who take advantage of the rule, said a senior chartered accountant. The taxman&#039;s inability to reopen assessments that are more than 6 years old is used by some to convert black money into white through purchase of single premium policies from insurance firms that accept cash payment. In such transactions, the money that comes back to the policyholder at the end of the term (normally more than 6 years) is official and cannot be questioned by the tax department.&amp;nbsp;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
Another suggestion includes changing the wealth tax regime to ensure that those amassing wealth pay due taxes. For instance, the wealth tax return format can be changed to include productive as well as unproductive assets, even those held abroad.&amp;nbsp;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
At present only unproductive assets like unused residential property, farm house, urban land, jewellery, bullion, aircraft and yachts have to be declared in the tax return. For many assesses, a change in the rule could boil down to declaring investments in stocks, debentures, fixed deposits, and bonds in the wealth tax return. Tax experts say a mere reporting requirement will not be enough.&amp;nbsp;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&amp;quot;Rather than just making reporting mandatory these assets should be brought under the definition of gross wealth with a suitable increase in basic deduction but the focus should be on oversean rather than domestic assets,&amp;quot; said Amitabh Singh, partner, Ernst &amp;amp; Young.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;&#039;,
	&#039;credit_writer&#039; =&gt; &#039;The Times of India, 15 February, 2012, http://timesofindia.indiatimes.com/business/india-business/Budget-2012-Shock-therapy-advised-for-tax-evaders/articleshow/11895925.cms&#039;,
	&#039;article_img&#039; =&gt; &#039;&#039;,
	&#039;article_img_thumb&#039; =&gt; &#039;&#039;,
	&#039;status&#039; =&gt; (int) 1,
	&#039;show_on_home&#039; =&gt; (int) 1,
	&#039;lang&#039; =&gt; &#039;EN&#039;,
	&#039;category_id&#039; =&gt; (int) 16,
	&#039;tag_keyword&#039; =&gt; &#039;&#039;,
	&#039;seo_url&#039; =&gt; &#039;budget-2012-shock-therapy-advised-for-tax-evaders-by-deepshikha-sikarwar-13199&#039;,
	&#039;meta_title&#039; =&gt; null,
	&#039;meta_keywords&#039; =&gt; null,
	&#039;meta_description&#039; =&gt; null,
	&#039;noindex&#039; =&gt; (int) 0,
	&#039;publish_date&#039; =&gt; object(Cake\I18n\FrozenDate) {},
	&#039;most_visit_section_id&#039; =&gt; null,
	&#039;article_big_img&#039; =&gt; null,
	&#039;liveid&#039; =&gt; (int) 13199,
	&#039;created&#039; =&gt; object(Cake\I18n\FrozenTime) {},
	&#039;modified&#039; =&gt; object(Cake\I18n\FrozenTime) {},
	&#039;edate&#039; =&gt; &#039;&#039;,
	&#039;tags&#039; =&gt; [
		(int) 0 =&gt; object(Cake\ORM\Entity) {}
	],
	&#039;category&#039; =&gt; object(App\Model\Entity\Category) {},
	&#039;[new]&#039; =&gt; false,
	&#039;[accessible]&#039; =&gt; [
		&#039;*&#039; =&gt; true,
		&#039;id&#039; =&gt; false
	],
	&#039;[dirty]&#039; =&gt; [],
	&#039;[original]&#039; =&gt; [],
	&#039;[virtual]&#039; =&gt; [],
	&#039;[hasErrors]&#039; =&gt; false,
	&#039;[errors]&#039; =&gt; [],
	&#039;[invalid]&#039; =&gt; [],
	&#039;[repository]&#039; =&gt; &#039;Articles&#039;

}
$articleid = (int) 13078
$metaTitle = &#039;LATEST NEWS UPDATES | Budget 2012: Shock therapy advised for tax evaders by Deepshikha Sikarwar&#039;
$metaKeywords = &#039;black money&#039;
$metaDesc = &#039;



Indians with undisclosed foreign assets and offshore bank accounts will be in for a shock this Budget if the finance ministry clears a proposal empowering income tax authorities to reopen assessments up to 16 years as against 6 years now.&amp;nbsp;





The...&#039;
$disp = &#039;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Indians with undisclosed foreign assets and offshore bank accounts will be in for a shock this Budget if the finance ministry clears a proposal empowering income tax authorities to reopen assessments up to 16 years as against 6 years now.&amp;nbsp;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;The proposed amendment, the ministry feels, may not only act as a deterrent, but also put pressure on people to declare their wealth stashed away in Swiss banks and tax havens.&amp;nbsp;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;In the first estimate by a government official, CBI Director A P Singh recently said an estimated $500 billion (Rs 24.5 lakh crore) belonging to Indians is deposited in tax havens abroad.&amp;nbsp;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;While a change in law would apply to undeclared assets held overseas and locally, the proposal has been mooted keeping in mind reports of numbered and trust accounts of Indians in other jurisdictions. An amendment could be proposed in the forthcoming Budget if FM Pranab Mukherjee endorses it.&amp;nbsp;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Undisclosed earnings will continue to attract a penalty of up to 300% of the tax amount, interest and prosecution even if the tax law is amended to allow reopening of older assessments.&amp;nbsp;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Tax professionals, however, think that the proposal is draconian and, if implemented, will cause hardship to taxpayers. &amp;quot;It will cause a lot of difficulty as people usually do not keep records for that long,&amp;quot; said Rahul Garg, direct tax leader - tax &amp;amp; regulatory services, PwC India.&amp;nbsp;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;But there are individuals who take advantage of the rule, said a senior chartered accountant. The taxman&#039;s inability to reopen assessments that are more than 6 years old is used by some to convert black money into white through purchase of single premium policies from insurance firms that accept cash payment. In such transactions, the money that comes back to the policyholder at the end of the term (normally more than 6 years) is official and cannot be questioned by the tax department.&amp;nbsp;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Another suggestion includes changing the wealth tax regime to ensure that those amassing wealth pay due taxes. For instance, the wealth tax return format can be changed to include productive as well as unproductive assets, even those held abroad.&amp;nbsp;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;At present only unproductive assets like unused residential property, farm house, urban land, jewellery, bullion, aircraft and yachts have to be declared in the tax return. For many assesses, a change in the rule could boil down to declaring investments in stocks, debentures, fixed deposits, and bonds in the wealth tax return. Tax experts say a mere reporting requirement will not be enough.&amp;nbsp;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&amp;quot;Rather than just making reporting mandatory these assets should be brought under the definition of gross wealth with a suitable increase in basic deduction but the focus should be on oversean rather than domestic assets,&amp;quot; said Amitabh Singh, partner, Ernst &amp;amp; Young.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&#039;
$lang = &#039;English&#039;
$SITE_URL = &#039;https://im4change.in/&#039;
$site_title = &#039;im4change&#039;
$adminprix = &#039;admin&#039;</pre><pre class="stack-trace">include - APP/Template/Layout/printlayout.ctp, line 8
Cake\View\View::_evaluate() - CORE/src/View/View.php, line 1413
Cake\View\View::_render() - CORE/src/View/View.php, line 1374
Cake\View\View::renderLayout() - CORE/src/View/View.php, line 927
Cake\View\View::render() - CORE/src/View/View.php, line 885
Cake\Controller\Controller::render() - CORE/src/Controller/Controller.php, line 791
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 126
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 88
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</pre></div></pre>latest-news-updates/budget-2012-shock-therapy-advised-for-tax-evaders-by-deepshikha-sikarwar-13199.html"/>
    <meta http-equiv="Content-Type" content="text/html; charset=utf-8"/>
    <link href="https://im4change.in/css/control.css" rel="stylesheet" type="text/css"
          media="all"/>
    <title>LATEST NEWS UPDATES | Budget 2012: Shock therapy advised for tax evaders by Deepshikha Sikarwar | Im4change.org</title>
    <meta name="description" content="



Indians with undisclosed foreign assets and offshore bank accounts will be in for a shock this Budget if the finance ministry clears a proposal empowering income tax authorities to reopen assessments up to 16 years as against 6 years now.&nbsp;





The..."/>
    <script src="https://im4change.in/js/jquery-1.10.2.js"></script>
    <script type="text/javascript" src="https://im4change.in/js/jquery-migrate.min.js"></script>
    <script language="javascript" type="text/javascript">

        $(document).ready(function () {
            var img = $("img")[0]; // Get my img elem
            var pic_real_width, pic_real_height;
            $("<img/>") // Make in memory copy of image to avoid css issues
                .attr("src", $(img).attr("src"))
                .load(function () {
                    pic_real_width = this.width;   // Note: $(this).width() will not
                    pic_real_height = this.height; // work for in memory images.
                });
        });
    </script>
    <style type="text/css">
        @media screen {
            div.divFooter {
                display: block;
            }
        }

        @media print {
            .printbutton {
                display: none !important;
            }
        }
    </style>
</head>
<body>
<table cellpadding="0" cellspacing="0" border="0" width="98%" align="center">
    <tr>
        <td class="top_bg">
            <div class="divFooter">
                <img src="https://im4change.in/images/logo1.jpg" height="59" border="0"
                     alt="Resource centre on India's rural distress" style="padding-top:14px;"/>
            </div>

        </td>
    </tr>
    <tr>
        <td id="topspace">&nbsp;</td>
    </tr>

    <tr id="topspace">
        <td>&nbsp;</td>
    </tr>
    <tr>
        <td height="50" style="border-bottom:1px solid #000; padding-top:10px;" class="printbutton">
            <form><input type="button" value=" Print this page "
                         onclick="window.print();return false;"/></form>
        </td>
    </tr>

    <tr>
        <td width="100%">
            <h1 class="news_headlines" style="font-style:normal">
                <strong>Budget 2012: Shock therapy advised for tax evaders by Deepshikha Sikarwar</strong></h1>
        </td>
    </tr>
    <tr>
        <td width="100%" style="font-family:Arial, 'Segoe Script', 'Segoe UI', sans-serif, serif"><font size="3">
                <div style="text-align: justify"><br /></div><div style="text-align: justify">Indians with undisclosed foreign assets and offshore bank accounts will be in for a shock this Budget if the finance ministry clears a proposal empowering income tax authorities to reopen assessments up to 16 years as against 6 years now.&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The proposed amendment, the ministry feels, may not only act as a deterrent, but also put pressure on people to declare their wealth stashed away in Swiss banks and tax havens.&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">In the first estimate by a government official, CBI Director A P Singh recently said an estimated $500 billion (Rs 24.5 lakh crore) belonging to Indians is deposited in tax havens abroad.&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">While a change in law would apply to undeclared assets held overseas and locally, the proposal has been mooted keeping in mind reports of numbered and trust accounts of Indians in other jurisdictions. An amendment could be proposed in the forthcoming Budget if FM Pranab Mukherjee endorses it.&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Undisclosed earnings will continue to attract a penalty of up to 300% of the tax amount, interest and prosecution even if the tax law is amended to allow reopening of older assessments.&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Tax professionals, however, think that the proposal is draconian and, if implemented, will cause hardship to taxpayers. &quot;It will cause a lot of difficulty as people usually do not keep records for that long,&quot; said Rahul Garg, direct tax leader - tax &amp; regulatory services, PwC India.&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">But there are individuals who take advantage of the rule, said a senior chartered accountant. The taxman's inability to reopen assessments that are more than 6 years old is used by some to convert black money into white through purchase of single premium policies from insurance firms that accept cash payment. In such transactions, the money that comes back to the policyholder at the end of the term (normally more than 6 years) is official and cannot be questioned by the tax department.&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Another suggestion includes changing the wealth tax regime to ensure that those amassing wealth pay due taxes. For instance, the wealth tax return format can be changed to include productive as well as unproductive assets, even those held abroad.&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">At present only unproductive assets like unused residential property, farm house, urban land, jewellery, bullion, aircraft and yachts have to be declared in the tax return. For many assesses, a change in the rule could boil down to declaring investments in stocks, debentures, fixed deposits, and bonds in the wealth tax return. Tax experts say a mere reporting requirement will not be enough.&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">&quot;Rather than just making reporting mandatory these assets should be brought under the definition of gross wealth with a suitable increase in basic deduction but the focus should be on oversean rather than domestic assets,&quot; said Amitabh Singh, partner, Ernst &amp; Young.</div><div style="text-align: justify"><br /></div>               </font>
        </td>
    </tr>
    <tr>
        <td>&nbsp;</td>
    </tr>

    <tr>
        <td height="50" style="border-top:1px solid #000; border-bottom:1px solid #000;padding-top:10px;">
            <form><input type="button" value=" Print this page "
                         onclick="window.print();return false;"/></form>
        </td>
    </tr>
</table></body>
</html>'

}
$cookies = []
$values = [
	(int) 0 => 'text/html; charset=UTF-8'
]
$name = 'Content-Type'
$first = true
$value = 'text/html; charset=UTF-8'
header - [internal], line ??
Cake\Http\ResponseEmitter::emitHeaders() - CORE/src/Http/ResponseEmitter.php, line 181
Cake\Http\ResponseEmitter::emit() - CORE/src/Http/ResponseEmitter.php, line 55
Cake\Http\Server::emit() - CORE/src/Http/Server.php, line 141
[main] - ROOT/webroot/index.php, line 39

<head>

    <link rel="canonical" href="<?php echo Configure::read('SITE_URL'); ?><?php echo $urlPrefix;?><?php echo $article_current->category->slug; ?>/<?php echo $article_current->seo_url; ?>.html"/>

    <meta http-equiv="Content-Type" content="text/html; charset=utf-8"/>

$viewFile = '/home/brlfuser/public_html/src/Template/Layout/printlayout.ctp'
$dataForView = [
	'article_current' => object(App\Model\Entity\Article) {

		'id' => (int) 13078,
		'title' => 'Budget 2012: Shock therapy advised for tax evaders by Deepshikha Sikarwar',
		'subheading' => '',
		'description' => '<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
Indians with undisclosed foreign assets and offshore bank accounts will be in for a shock this Budget if the finance ministry clears a proposal empowering income tax authorities to reopen assessments up to 16 years as against 6 years now.&nbsp;
</div>
<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
The proposed amendment, the ministry feels, may not only act as a deterrent, but also put pressure on people to declare their wealth stashed away in Swiss banks and tax havens.&nbsp;
</div>
<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
In the first estimate by a government official, CBI Director A P Singh recently said an estimated $500 billion (Rs 24.5 lakh crore) belonging to Indians is deposited in tax havens abroad.&nbsp;
</div>
<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
While a change in law would apply to undeclared assets held overseas and locally, the proposal has been mooted keeping in mind reports of numbered and trust accounts of Indians in other jurisdictions. An amendment could be proposed in the forthcoming Budget if FM Pranab Mukherjee endorses it.&nbsp;
</div>
<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
Undisclosed earnings will continue to attract a penalty of up to 300% of the tax amount, interest and prosecution even if the tax law is amended to allow reopening of older assessments.&nbsp;
</div>
<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
Tax professionals, however, think that the proposal is draconian and, if implemented, will cause hardship to taxpayers. &quot;It will cause a lot of difficulty as people usually do not keep records for that long,&quot; said Rahul Garg, direct tax leader - tax &amp; regulatory services, PwC India.&nbsp;
</div>
<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
But there are individuals who take advantage of the rule, said a senior chartered accountant. The taxman's inability to reopen assessments that are more than 6 years old is used by some to convert black money into white through purchase of single premium policies from insurance firms that accept cash payment. In such transactions, the money that comes back to the policyholder at the end of the term (normally more than 6 years) is official and cannot be questioned by the tax department.&nbsp;
</div>
<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
Another suggestion includes changing the wealth tax regime to ensure that those amassing wealth pay due taxes. For instance, the wealth tax return format can be changed to include productive as well as unproductive assets, even those held abroad.&nbsp;
</div>
<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
At present only unproductive assets like unused residential property, farm house, urban land, jewellery, bullion, aircraft and yachts have to be declared in the tax return. For many assesses, a change in the rule could boil down to declaring investments in stocks, debentures, fixed deposits, and bonds in the wealth tax return. Tax experts say a mere reporting requirement will not be enough.&nbsp;
</div>
<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
&quot;Rather than just making reporting mandatory these assets should be brought under the definition of gross wealth with a suitable increase in basic deduction but the focus should be on oversean rather than domestic assets,&quot; said Amitabh Singh, partner, Ernst &amp; Young.
</div>
<div style="text-align: justify">
<br />
</div>',
		'credit_writer' => 'The Times of India, 15 February, 2012, http://timesofindia.indiatimes.com/business/india-business/Budget-2012-Shock-therapy-advised-for-tax-evaders/articleshow/11895925.cms',
		'article_img' => '',
		'article_img_thumb' => '',
		'status' => (int) 1,
		'show_on_home' => (int) 1,
		'lang' => 'EN',
		'category_id' => (int) 16,
		'tag_keyword' => '',
		'seo_url' => 'budget-2012-shock-therapy-advised-for-tax-evaders-by-deepshikha-sikarwar-13199',
		'meta_title' => null,
		'meta_keywords' => null,
		'meta_description' => null,
		'noindex' => (int) 0,
		'publish_date' => object(Cake\I18n\FrozenDate) {},
		'most_visit_section_id' => null,
		'article_big_img' => null,
		'liveid' => (int) 13199,
		'created' => object(Cake\I18n\FrozenTime) {},
		'modified' => object(Cake\I18n\FrozenTime) {},
		'edate' => '',
		'tags' => [
			[maximum depth reached]
		],
		'category' => object(App\Model\Entity\Category) {},
		'[new]' => false,
		'[accessible]' => [
			[maximum depth reached]
		],
		'[dirty]' => [[maximum depth reached]],
		'[original]' => [[maximum depth reached]],
		'[virtual]' => [[maximum depth reached]],
		'[hasErrors]' => false,
		'[errors]' => [[maximum depth reached]],
		'[invalid]' => [[maximum depth reached]],
		'[repository]' => 'Articles'
	
	},
	'articleid' => (int) 13078,
	'metaTitle' => 'LATEST NEWS UPDATES | Budget 2012: Shock therapy advised for tax evaders by Deepshikha Sikarwar',
	'metaKeywords' => 'black money',
	'metaDesc' => '



Indians with undisclosed foreign assets and offshore bank accounts will be in for a shock this Budget if the finance ministry clears a proposal empowering income tax authorities to reopen assessments up to 16 years as against 6 years now.&nbsp;





The...',
	'disp' => '<div style="text-align: justify"><br /></div><div style="text-align: justify">Indians with undisclosed foreign assets and offshore bank accounts will be in for a shock this Budget if the finance ministry clears a proposal empowering income tax authorities to reopen assessments up to 16 years as against 6 years now.&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The proposed amendment, the ministry feels, may not only act as a deterrent, but also put pressure on people to declare their wealth stashed away in Swiss banks and tax havens.&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">In the first estimate by a government official, CBI Director A P Singh recently said an estimated $500 billion (Rs 24.5 lakh crore) belonging to Indians is deposited in tax havens abroad.&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">While a change in law would apply to undeclared assets held overseas and locally, the proposal has been mooted keeping in mind reports of numbered and trust accounts of Indians in other jurisdictions. An amendment could be proposed in the forthcoming Budget if FM Pranab Mukherjee endorses it.&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Undisclosed earnings will continue to attract a penalty of up to 300% of the tax amount, interest and prosecution even if the tax law is amended to allow reopening of older assessments.&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Tax professionals, however, think that the proposal is draconian and, if implemented, will cause hardship to taxpayers. &quot;It will cause a lot of difficulty as people usually do not keep records for that long,&quot; said Rahul Garg, direct tax leader - tax &amp; regulatory services, PwC India.&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">But there are individuals who take advantage of the rule, said a senior chartered accountant. The taxman's inability to reopen assessments that are more than 6 years old is used by some to convert black money into white through purchase of single premium policies from insurance firms that accept cash payment. In such transactions, the money that comes back to the policyholder at the end of the term (normally more than 6 years) is official and cannot be questioned by the tax department.&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Another suggestion includes changing the wealth tax regime to ensure that those amassing wealth pay due taxes. For instance, the wealth tax return format can be changed to include productive as well as unproductive assets, even those held abroad.&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">At present only unproductive assets like unused residential property, farm house, urban land, jewellery, bullion, aircraft and yachts have to be declared in the tax return. For many assesses, a change in the rule could boil down to declaring investments in stocks, debentures, fixed deposits, and bonds in the wealth tax return. Tax experts say a mere reporting requirement will not be enough.&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">&quot;Rather than just making reporting mandatory these assets should be brought under the definition of gross wealth with a suitable increase in basic deduction but the focus should be on oversean rather than domestic assets,&quot; said Amitabh Singh, partner, Ernst &amp; Young.</div><div style="text-align: justify"><br /></div>',
	'lang' => 'English',
	'SITE_URL' => 'https://im4change.in/',
	'site_title' => 'im4change',
	'adminprix' => 'admin'
]
$article_current = object(App\Model\Entity\Article) {

	'id' => (int) 13078,
	'title' => 'Budget 2012: Shock therapy advised for tax evaders by Deepshikha Sikarwar',
	'subheading' => '',
	'description' => '<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
Indians with undisclosed foreign assets and offshore bank accounts will be in for a shock this Budget if the finance ministry clears a proposal empowering income tax authorities to reopen assessments up to 16 years as against 6 years now.&nbsp;
</div>
<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
The proposed amendment, the ministry feels, may not only act as a deterrent, but also put pressure on people to declare their wealth stashed away in Swiss banks and tax havens.&nbsp;
</div>
<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
In the first estimate by a government official, CBI Director A P Singh recently said an estimated $500 billion (Rs 24.5 lakh crore) belonging to Indians is deposited in tax havens abroad.&nbsp;
</div>
<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
While a change in law would apply to undeclared assets held overseas and locally, the proposal has been mooted keeping in mind reports of numbered and trust accounts of Indians in other jurisdictions. An amendment could be proposed in the forthcoming Budget if FM Pranab Mukherjee endorses it.&nbsp;
</div>
<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
Undisclosed earnings will continue to attract a penalty of up to 300% of the tax amount, interest and prosecution even if the tax law is amended to allow reopening of older assessments.&nbsp;
</div>
<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
Tax professionals, however, think that the proposal is draconian and, if implemented, will cause hardship to taxpayers. &quot;It will cause a lot of difficulty as people usually do not keep records for that long,&quot; said Rahul Garg, direct tax leader - tax &amp; regulatory services, PwC India.&nbsp;
</div>
<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
But there are individuals who take advantage of the rule, said a senior chartered accountant. The taxman's inability to reopen assessments that are more than 6 years old is used by some to convert black money into white through purchase of single premium policies from insurance firms that accept cash payment. In such transactions, the money that comes back to the policyholder at the end of the term (normally more than 6 years) is official and cannot be questioned by the tax department.&nbsp;
</div>
<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
Another suggestion includes changing the wealth tax regime to ensure that those amassing wealth pay due taxes. For instance, the wealth tax return format can be changed to include productive as well as unproductive assets, even those held abroad.&nbsp;
</div>
<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
At present only unproductive assets like unused residential property, farm house, urban land, jewellery, bullion, aircraft and yachts have to be declared in the tax return. For many assesses, a change in the rule could boil down to declaring investments in stocks, debentures, fixed deposits, and bonds in the wealth tax return. Tax experts say a mere reporting requirement will not be enough.&nbsp;
</div>
<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
&quot;Rather than just making reporting mandatory these assets should be brought under the definition of gross wealth with a suitable increase in basic deduction but the focus should be on oversean rather than domestic assets,&quot; said Amitabh Singh, partner, Ernst &amp; Young.
</div>
<div style="text-align: justify">
<br />
</div>',
	'credit_writer' => 'The Times of India, 15 February, 2012, http://timesofindia.indiatimes.com/business/india-business/Budget-2012-Shock-therapy-advised-for-tax-evaders/articleshow/11895925.cms',
	'article_img' => '',
	'article_img_thumb' => '',
	'status' => (int) 1,
	'show_on_home' => (int) 1,
	'lang' => 'EN',
	'category_id' => (int) 16,
	'tag_keyword' => '',
	'seo_url' => 'budget-2012-shock-therapy-advised-for-tax-evaders-by-deepshikha-sikarwar-13199',
	'meta_title' => null,
	'meta_keywords' => null,
	'meta_description' => null,
	'noindex' => (int) 0,
	'publish_date' => object(Cake\I18n\FrozenDate) {},
	'most_visit_section_id' => null,
	'article_big_img' => null,
	'liveid' => (int) 13199,
	'created' => object(Cake\I18n\FrozenTime) {},
	'modified' => object(Cake\I18n\FrozenTime) {},
	'edate' => '',
	'tags' => [
		(int) 0 => object(Cake\ORM\Entity) {}
	],
	'category' => object(App\Model\Entity\Category) {},
	'[new]' => false,
	'[accessible]' => [
		'*' => true,
		'id' => false
	],
	'[dirty]' => [],
	'[original]' => [],
	'[virtual]' => [],
	'[hasErrors]' => false,
	'[errors]' => [],
	'[invalid]' => [],
	'[repository]' => 'Articles'

}
$articleid = (int) 13078
$metaTitle = 'LATEST NEWS UPDATES | Budget 2012: Shock therapy advised for tax evaders by Deepshikha Sikarwar'
$metaKeywords = 'black money'
$metaDesc = '



Indians with undisclosed foreign assets and offshore bank accounts will be in for a shock this Budget if the finance ministry clears a proposal empowering income tax authorities to reopen assessments up to 16 years as against 6 years now.&nbsp;





The...'
$disp = '<div style="text-align: justify"><br /></div><div style="text-align: justify">Indians with undisclosed foreign assets and offshore bank accounts will be in for a shock this Budget if the finance ministry clears a proposal empowering income tax authorities to reopen assessments up to 16 years as against 6 years now.&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The proposed amendment, the ministry feels, may not only act as a deterrent, but also put pressure on people to declare their wealth stashed away in Swiss banks and tax havens.&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">In the first estimate by a government official, CBI Director A P Singh recently said an estimated $500 billion (Rs 24.5 lakh crore) belonging to Indians is deposited in tax havens abroad.&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">While a change in law would apply to undeclared assets held overseas and locally, the proposal has been mooted keeping in mind reports of numbered and trust accounts of Indians in other jurisdictions. An amendment could be proposed in the forthcoming Budget if FM Pranab Mukherjee endorses it.&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Undisclosed earnings will continue to attract a penalty of up to 300% of the tax amount, interest and prosecution even if the tax law is amended to allow reopening of older assessments.&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Tax professionals, however, think that the proposal is draconian and, if implemented, will cause hardship to taxpayers. &quot;It will cause a lot of difficulty as people usually do not keep records for that long,&quot; said Rahul Garg, direct tax leader - tax &amp; regulatory services, PwC India.&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">But there are individuals who take advantage of the rule, said a senior chartered accountant. The taxman's inability to reopen assessments that are more than 6 years old is used by some to convert black money into white through purchase of single premium policies from insurance firms that accept cash payment. In such transactions, the money that comes back to the policyholder at the end of the term (normally more than 6 years) is official and cannot be questioned by the tax department.&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Another suggestion includes changing the wealth tax regime to ensure that those amassing wealth pay due taxes. For instance, the wealth tax return format can be changed to include productive as well as unproductive assets, even those held abroad.&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">At present only unproductive assets like unused residential property, farm house, urban land, jewellery, bullion, aircraft and yachts have to be declared in the tax return. For many assesses, a change in the rule could boil down to declaring investments in stocks, debentures, fixed deposits, and bonds in the wealth tax return. Tax experts say a mere reporting requirement will not be enough.&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">&quot;Rather than just making reporting mandatory these assets should be brought under the definition of gross wealth with a suitable increase in basic deduction but the focus should be on oversean rather than domestic assets,&quot; said Amitabh Singh, partner, Ernst &amp; Young.</div><div style="text-align: justify"><br /></div>'
$lang = 'English'
$SITE_URL = 'https://im4change.in/'
$site_title = 'im4change'
$adminprix = 'admin'

include - APP/Template/Layout/printlayout.ctp, line 8
Cake\View\View::_evaluate() - CORE/src/View/View.php, line 1413
Cake\View\View::_render() - CORE/src/View/View.php, line 1374
Cake\View\View::renderLayout() - CORE/src/View/View.php, line 927
Cake\View\View::render() - CORE/src/View/View.php, line 885
Cake\Controller\Controller::render() - CORE/src/Controller/Controller.php, line 791
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 126
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 88
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

Budget 2012: Shock therapy advised for tax evaders by Deepshikha Sikarwar

Indians with undisclosed foreign assets and offshore bank accounts will be in for a shock this Budget if the finance ministry clears a proposal empowering income tax authorities to reopen assessments up to 16 years as against 6 years now.  The proposed amendment, the ministry feels, may not only act as a deterrent, but also put pressure on people to declare their wealth stashed away in Swiss banks and tax havens.  In the first estimate by a government official, CBI Director A P Singh recently said an estimated $500 billion (Rs 24.5 lakh crore) belonging to Indians is deposited in tax havens abroad.  While a change in law would apply to undeclared assets held overseas and locally, the proposal has been mooted keeping in mind reports of numbered and trust accounts of Indians in other jurisdictions. An amendment could be proposed in the forthcoming Budget if FM Pranab Mukherjee endorses it.  Undisclosed earnings will continue to attract a penalty of up to 300% of the tax amount, interest and prosecution even if the tax law is amended to allow reopening of older assessments.  Tax professionals, however, think that the proposal is draconian and, if implemented, will cause hardship to taxpayers. "It will cause a lot of difficulty as people usually do not keep records for that long," said Rahul Garg, direct tax leader - tax & regulatory services, PwC India.  But there are individuals who take advantage of the rule, said a senior chartered accountant. The taxman's inability to reopen assessments that are more than 6 years old is used by some to convert black money into white through purchase of single premium policies from insurance firms that accept cash payment. In such transactions, the money that comes back to the policyholder at the end of the term (normally more than 6 years) is official and cannot be questioned by the tax department.  Another suggestion includes changing the wealth tax regime to ensure that those amassing wealth pay due taxes. For instance, the wealth tax return format can be changed to include productive as well as unproductive assets, even those held abroad.  At present only unproductive assets like unused residential property, farm house, urban land, jewellery, bullion, aircraft and yachts have to be declared in the tax return. For many assesses, a change in the rule could boil down to declaring investments in stocks, debentures, fixed deposits, and bonds in the wealth tax return. Tax experts say a mere reporting requirement will not be enough.  "Rather than just making reporting mandatory these assets should be brought under the definition of gross wealth with a suitable increase in basic deduction but the focus should be on oversean rather than domestic assets," said Amitabh Singh, partner, Ernst & Young.