I-T cell issues notices, summons to foreign bank account holders
By MYBRANDBOOK
Several individuals who were once spotted with secret foreign bank accounts, including those who were investigated, re-assessed and taxed, have been asked by the Foreign Assets Investigation Unit (FAIU), a newly-formed wing under the Income Tax Department, to share details of offshore bank accounts, residency status for the past two decades, passport copies and names of overseas service providers.
The notices and summons were issued during the past 10 days by FAIU cells in the Air India and Scindia House offices of the I-T Department in Mumbai. The notices issued under Section 131(1A) of the I-T Tax Act, 1961, require recipients to reveal the names of ‘introducer’ and ‘guarantor’ of their bank accounts.
Individuals who have been served with these notices will have to disclose whether the person is a “beneficial owner or beneficiary or settlor or otherwise” for the accounts and must also specify if they disclosed these accounts in tax returns and paid tax on funds credited to these accounts.
Those who received notices have also been asked to provide bank statements since the date of opening and closing of accounts and transactions, along with source and supporting documents. Last year, the reopening period for offshore assets was reduced to 10 years under Finance Act 2021 from 16 years earlier.
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