Income Tax Notices Sent to 400 People Named in Panama Paper Leak

The report also states that for the first time the notices have been issued under the Black Money Act (Undisclosed Income and Assets) that could lead to 120 percent in taxes and penalty.

If it’s found that wrong details were furnished, then an additional Rs 10 lakh penalty could be levied. Also, during the course of assessment, if it is discovered that tax has been evaded by not disclosing foreign income and assets, heavy penalties could follow.

(With inputs from The Economic Times)

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