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...

-PTI Indians are the largest depositors in banks abroad with an estimated 500 billion US dollars (nearly Rs 24.5 lakh crore) of illegal money stashed by them in tax havens, the CBI director said on Monday.  India, in particular, has suffered from the flow of illegal funds to tax havens such as Mauritius, Switzerland, Lichtenstein, British Virgin islands etc.  "It is estimated that around 500 billion dollars of illegal money belonging to Indians...

-The Financial Express   Come next financial year, the PAN card is likely to become the most potent tool for the Income Tax Department to unearth black money, tax evasion and instances of criminal financing in the country. A recent directive of the Central Board of Direct Taxes (CBDT) to the I-T Dept has asked its officials to launch a special drive against those who have "not furnished their PAN (Permanent Account Number)"...

-The Business Standard   Its guarantee of non-duplication can have far-reaching cost benefits but it has deep design flaws that can be compromised. PRAVEEN CHAKRAVARTY Former Volunteer, Financial Inclusion, UIDAI* “Aadhaar is an unadulterated identity programme that answers the question: Is the individual who he or she claims to be?”   The word “unique”, and not “identity”, is central to the unique identity programme or Aadhaar. It may be true that the vast majority of people possess some...

-PTI   Planting of trees by families on birth of a girl child, the theme of Bihar's tableau in this year's Republic Day parade, has worked wonders for a village in Bhagalpur by improving the environment and providing financial security to girls.  The tradition in Dharhara village, about 40 km from here, was popularised by Chief Minister Nitish Kumar who was so impressed by it that he decided to launch a welfare scheme...