TaxTMI 
TaxTMI 
Income Tax Overseas Units
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....ncome Tax Overseas Units <br>News and Press Release<br>Dated:- 26-4-2013<br><BR>Income Tax Overseas Units have been set up in Indian Missions abroad as part of efforts to unearth black money. Tax Officers at the level of First Secretary are being posted to Income-tax Overseas Units (ITOUs) in Indian Missions abroad to maintain effective coordination and liaison between Indian tax authorities and ....
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....the tax authorities of countries concerned. At present, the officers are already posted in Mauritius and Singapore. Further, posting orders in respect of officers to be posted to newly created ITOUs in Indian Missions at Cyprus, France, Germany, Japan, Netherlands, UAE, UK and USA have been issued. The relieving of these 8 officers to join their respective ITOU is pending due to finalization of te....
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....rms & conditions of their posting by Ministry of External Affairs. The ITOUs are required to assist the Indian competent authority in various works carried out by it viz, matters relating to DTAA, Exchange of Information, Mutual Agreement Procedure, review of DTAA, representation in various bilateral/international meetings etc. In addition, it is required to help investors by providing clarificat....
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....ion on tax issues. The two units operational at Singapore and Mauritius have been helpful in obtaining information under the DTAA with these two countries by holding regular meetings with competent authorities of respective countries. The ITOU officers are assisting in exchange of information as requested by the field officers. Following receipt of information, necessary enquiries/investigation is....
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.... being conducted by the field/investigation officers and relevant information is used in the assessment and appellate proceedings. Estimation of recovering black money due to functioning of ITOUs is not possible. This was stated by Minister of State for Finance, Shri Namo Narain Meena, in written reply to a question in the Lok Sabha today. DSM/RS/ka (Release ID :95155)<BR> News - Press release ....
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....- PIB....