Government aims to take stringent steps to tap black money

The government of India is initiating effective steps to deal with black money and will focus on high-impact cases to prosecute the offenders expeditiously against the tax evasion.

The effective steps to deal with the black money issue includes putting in place robust and effective legislative mechanism and administrative frameworks with focus on building better and efficient mechanism and system.

The initiatives, includes enactment of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.

The government has also signed multilateral automatic exchange of information (AEOI) for sharing of tax data and has entered an agreement with the US under the Foreign Account Tax Compliance Act (FATCA).

The Special Investigation Team (SIT) on black money is also investigating cases of black money stashed abroad and has already submitted three reports to the Supreme Court.

In conclusion the Government is speedily taking actions on all the policies which are being put in place with regard to the black money laws to bring huge quantum to tax evaders under the control.

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