India Stiffens Penalties For Tax and Money Laundering Crimes

The international business press has recently reported that India has promulgated stricter rules pertaining to tax evasion and related offenses in an effort to limit the number of investigations for tax evasion, including the willful non-disclosure of off-shore bank accounts, which result with taxpayers paying an additional fee in avoiding prosecution and a period of incarceration. In the past, Indian resident taxpayers who did not disclose their foreign bank accounts and other foreign investments required to be disclosed have also avoided prosecution by a special relief rule referred to as “compounding” with the Central Board of Taxes.… Continue Reading