Arun Jaitley has promised a compliance window under the new black money law for persons with overseas funds to come clean.
The e-wallet, virtual cards are often used to play online games.
Holding out no assurance of an absolute confidentiality to those disclosing foreign assets on their own, the government on Tuesday said details of information provided during the one-time compliance window can be revealed in the public interest.
Undisclosed foreign assets and funds worth Rs 350 crore detected; these are separate entities from those featured in Panama Leaks and Paradise Papers
A Bill proposing to prosecute those stashing illicit wealth abroad with 10 year rigorous imprisonment is on cards.
ED sought his custody for seven days, claiming it had knowledge of unidentified assets which value more than Rs 500 crore and his custodial interrogation was required.
The scheme offers waiver of interest, penalty, and prosecution for settling tax disputes.
A 'trend analysis' has shown that the target base for the special exercise would not be very large.
Government on Monday asked income tax department to take steps to unearth domestic black money.
A total of 635 declarants have filed declarations declaring undisclosed foreign assets worth Rs 4,160 crore.
The crackdown on black money has led to seizing of Rs 3,963 crore of smuggled goods in two years.
The SIT on black money has widened its probe.
"Post demonetisation, during November 9, 2016, to January 10, 2017, more than 1,100 searches and surveys were conducted and more than 5,100 notices were issued by the income tax department for verification of suspicious high-value cash deposits," Finance Minister Arun Jaitley said in a written reply in the Lok Sabha on Friday.
Might use it to counter Opposition campaign on land issue.
Do not declare them under Income Tax.
635 declarations of illegal wealth were made in the 3-month compliance window.
Special Judge Arvind Kumar also directed him not to tamper with the evidence or influence witnesses and join the investigation as and when called by the investigating officer.
Chidambaram mocked her with a tongue-in-cheek tweet.
Only 300 assessees came forward with disputed tax liabilities amounting to Rs 10,000 crore
The Income Tax Department on Tuesday also raided 20 premises linked to Gitanjali Gems promoter Mehul Choksi and suspected shell firms in connection with an alleged tax evasion case against them, official sources said.
The Bill could be referred to the Parliamentary Committee for scrutiny
The fair market value of an immovable property will be higher from the acquisition cost.
'The government believes there is still significant scope to bring more people under the tax net and collect the right amount of taxes, in cases where taxpayers are underpaying,' says Kuldip Kumar, partner and leader personal tax, PwC.
Indians having undisclosed property abroad will have to pay tax and penalty.
'A huge number of declarations are expected to be made through the official e-filing website of the Income Tax department.'
Earlier, Arun Jaitley had said 60 prosecutions had been launched on the 'HSBC list'.
Undisclosed overseas assets such as immovable property, jewellery, shares and art works will be valued at fair market price for the purpose of tax and penalty under the new black money law.
Clever wordplay does not change the fact that the government is going pretty easy on some tax offenders, says Arup Roychoudhury.
Companies were consulting law firms and consultants to understand the Bill.
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Enforcement agencies will be empowered to confiscate assets
When an NRI returns to India, he should be aware of his tax residency status.
The Modi government could steer through Parliament 59 out of 75 Bills.
'I suggest Rahul Bajaj come out in the open and give us his own white paper on the perceived sense of fear that he thinks haunts corporate India,' says Dr Sudhir Bisht.
Individual tax-payers could get notices in case of a loan or a cash gift from a relative.
The agency on Friday also carried out searches on the premises of the Gitanjali Group at 20 places in Mumbai, Pune, Surat, Jaipur, Hyderabad and Coimbatore.
Against estimates of black wealth of Rs 300 lakh crore and black money in cash of Rs 3 lakh crore by economist Arun Kumar, the PMGKY numbers fall short by a huge margin.
India has a double-taxation avoidance pact with Singapore and more than 85 countries.
Manish Sabharwal tackles 5 criticisms of demonetisation.
Non-reporting of overseas income by employers may be categorised as 'abetment' under the Act.
The government, he said, has implemented 'bold reforms'.
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