Tax of Rs 181 crore realised in HSBC bank Geneva cases

The Income Tax department has realised taxes of about Rs 181 crore with respect to the cash deposits of Indians who had unreported accounts in HSBC bank Geneva, government said today.

"An amount of about Rs 181 crore has been realised," Minister of State for Finance S S Palanimanickam told Lok Sabha in a written reply.

He was asked if the government was able to receive taxes on cash deposits by some of the 700 Indians who had unreported accounts with HSBC bank Geneva.

The Minister replied in the negative when he was asked whether some of the persons charged with tax evasion had volunteered to reveal their accounts with HSBC Geneva and revise their returns, weeks before the list was handed over to the tax investigation wing.

"Appropriate action is taken strictly in accordance with direct tax laws and relevant procedures in all cases wherein information regarding tax evasion is received, including undisclosed foreign assets or transactions of Indians abroad," he said.

Source: Financial Express