The government is set to use the information collected under various international tax agreements to identify suspected tax dodgers and urge them to come clean through the ongoing black money scheme that expires on September 30.
The income-tax department will soon write to such individuals that they have been identified on the basis of information received under the foreign account tax compliance Act (FATCA) from the US, various tax information exchange agreements as well as other sources. It will also give these individuals the option of declaring their unaccounted income. Chartered accountant in New Delhi
Tax authorities are getting information from various sources, including foreign countries. Letters would be sent out. The idea is to get people know that information is available with the department and If the sources of income are unaccounted, it is time to declare them now,” said a tax department official.
These letters will not make people ineligible for making a declaration under the new black money window as these do not fall in the category of formal notices issues by the tax department.