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Indians with hidden income in US on I-T radar: Report

Indians with hidden income in US on I-T radar: Report

Indians with hidden income in the United States (US) may face legal action under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, in the Financial Year '23.

According to the internal action plan of the Central Board of Direct Taxes (CBDT) for FY23, persons named in global leaks may be searched, shown-caused, and prosecuted, according to a report in the Business Standard.
The publication has also reported that tax officials across the country have been instructed to investigate any cases discovered during the verification of data received on or after April 1, 2022, under the Foreign Account Tax Compliance Act (FATCA), Automotive Exchange of Information (AEOI), and Common Reporting Standard (CRS).

Moneycontrol could not independently verify the report.

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