India takes all routes to get Swiss Bank data!

Money hoarding is a very easy job for Tax evaders while dealing with the Swiss Banks where the KYC (Know Your Customer) norms are more than flexible to just accepting money to any extent with out asking any questions. Also the domestic legal barriers and treaty limitations have stopped India from getting the data of the money hoarders of those banks.

However over the last one year, the Central Board of Direct Taxes (CBDT) is using official and unofficial channels to get the data of the tax evaders. It is said that CBDT is confronting Tax evaders with a bargain that they would be charged under tax evasion laws but not under the wilful tax evaders category with which they would be saving the defaulters from harsher penal action.

Income Tax sleuths have the account data of 100 such account holders spread in cities like Delhi, Mumbai, Hyderabad, Chennai, Chandigarh and Bangalore among others. The defaulters have agreed to pay the fines for evasion of taxes on the hidden income which may amount to 100 Crore penality.