IT notices being sent again to 149 named in Panama Papers

The Income Tax (I-T) department has again started the process of sending notices to 149 Indians—out of the 500 names that had appeared in the Panama Papers’ expose last year—as these individuals are yet to file their replies despite getting repeated I-T notices, I-T sources have said.

According to a senior I-T official, the tax department had already sent notices to 386 individuals named in the Panama Papers, but out of these, only 180 individuals admitted to owning an offshore entity in tax havens. The I-T department’s investigation had also revealed that 57 individuals did not even follow the basic Reserve Bank of India (RBI) guidelines in place for carrying out any such investment abroad, while 149 individuals did not even bother to file reply to the I-T notices.

 Surabhi Ahluwalia, spokesperson of the Central Board of Direct Taxes (CBDT), told The Sunday Guardian:

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