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Taxman widens Pandora Papers probe against Indians

Taxman widens Pandora Papers probe against Indians

The Income Tax (I-T) department has broadened the line of questioning as it begins its probe into information leaked by the 'Pandora Papers'.

Beyond disclosing their ownership in existing foreign assets, people named in the Pandora expose are being told to spell out details of bank accounts which no longer exist and were closed long ago, firms that were dissolved, directorships in overseas firms and tax residency status over the past 16 years.

They are also being asked to identify the 'service providers' in the tax havens, according to the first set of summons issued a week ago by the tax department under section 131 (1a) of the I-T Act which empowers tax officials to make enquiries if it suspects non-disclosure of earnings. Service providers are entities hired to set up offshore entities and structures as well as handle communication on client's behalf.

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