Govt creates special unit in I-T Deptt for probe into undisclosed foreign assets
NEW DELHI ;
A SPECIAL unit has been created by the Government in the countrywide investigation wings of the Income Tax department for focussed probe in cases of undisclosed assets held by Indians abroad and possession of black money in foreign shores, officials said.
The Foreign Asset Investigation Units (FAIUs) have been recently created in all the 14 investigation directorates of the tax department located in various parts of the country that are primarily tasked to undertake raids and seizures, and develop intelligence to check tax evasion done by various methods. A total of 69 existing posts in the tax department were “diverted” by the Central Board of Direct Taxes (CBDT) in November last for the creation of this unit after approval from Union Finance Minister Nirmala Sitharaman, a senior officer told PTI.
The CBDT frames policy for the Income Tax department. “The FAIUs have been created as new wings within the various investigation directorates of the tax department to bring focus on cases of undisclosed assets held abroad by Indians and black money stashed abroad.