To retrieve undisclosed assets held in overseas tax havens, the Indian government is working out the details of a voluntary income disclosure scheme, according to local news reports.

Date: Oct 5, 2011

Tags: India, Tax, Disclosure

To retrieve undisclosed assets held in overseas tax havens, the Indian government is working out the details of a voluntary income disclosure scheme, according to local news reports.

According to a government source, the authorities will not insist on knowing the source of the money if it is disclosed voluntarily.

However, if the tax department tracks down undisclosed assets on its own, the asset holder will face “strong punitive actions, including high penalties, prosecution and even imprisonment”.