Where Do You Stand In Race Of Black Money?

BANGALORE: Recently, Centre filed an affidavit before the Supreme Court in the black money case, naming three prominent businessmen, including Pradip Burman, formerly of Dabur group, Goa-based miner Radha S Timblo and bullion trader Pankaj Chimanlal Lodhya.

Obviously the incident has spur billion minds all over the world. Surely every person wants a clean and corruption devoid and black money free bank account for him. In that case what can be done?  Here are 7 tips that you could follow as compiled by India Today.

1. Indian Resident With Global Income

The person with such a liability should declare his foreign bank accounts and assets in income tax returns and all relief as applicable under Double Taxation Avoidance agreement should be claimed. In the Government of India's White Paper presented in parliament in 2012, the total deposits of Indians in all Swiss banks was around $2.1 billion—nowhere even near the lowest estimate of 28 Lakh Crore.

On the other hand, an Indian resident's accounts are accountable to be scrutinized any time by the country's tax authorities. In case, you are earning abroad, then you too are subjected to file taxes in India and information about the same must be provided to your tax consultant. Non-disclosure or non-accounting of the same in IT returns may prove dangerous for your valuable money.

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