https://www.taxtmi.com/news?id=20309 India has strengthened detection and taxation of undisclosed foreign assets by activating Automatic Exchange of Information under the Common Reporting Standard and FATCA, expanding information exchange via DTAAs/TIEAs and multilateral conventions, and entering MCAA based automatic reporting with Switzerland. Domestic enforcement was reinforced by a Special Investigation Team on Black Money and the Black Money (Undisclosed Foreign Income and Assets) Act, 2015, which imposes stricter penalties and designates willful foreign asset tax evasion as a Scheduled Offence under the Prevention of Money laundering Act. en-us Tue, 24 Jul 2018 18:33:53 +0530 Tue, 24 Jul 2018 18:33:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=20309 India has strengthened detection and taxation of undisclosed foreign assets by activating Automatic Exchange of Information under the Common Reporting Standard and FATCA, expanding information exchange via DTAAs/TIEAs and multilateral conventions, and entering MCAA based automatic reporting with Switzerland. Domestic enforcement was reinforced by a Special Investigation Team on Black Money and the Black Money (Undisclosed Foreign Income and Assets) Act, 2015, which imposes stricter penalties and designates willful foreign asset tax evasion as a Scheduled Offence under the Prevention of Money laundering Act. News - Tue, 24 Jul 2018 18:33:53 +0530 https://www.taxtmi.com/news?id=20309