New Delhi: In order to guard against possible leakage of names figuring in the secret bank accounts lists it has received from foreign shores, the CBDT has ordered the IT department to obtain a signed undertaking from any government entity or department who demands the data for their own probe.
The Central Board of Direct Taxes (CBDT) fears that if these names are leaked and they are publicised, global financial bodies like OECD and other tax exchange treaty countries will either stop or grow reluctant to share such data with India as this will scare away foreign investors in their respective economies.
The CBDT, which at present in is possession of names in secret bank accounts like that of Liechtenstein's LGT Bank provided reportedly by the German government and over 9,900 pieces of information from several countries regarding illegal funds stashed abroad by Indian citizens, has instructed the
Income Tax department to obtain a signed statement from those wanting it by stating that the data would only be used for "tax purposes" and "tax evasion investigation" and that its secrecy would be the responsibility of the official who takes it under his name....more
12:30 PM, Jan 08, 2012