But at that time under the Income Tax Act, notices could be issued for a period of 16 years in case of offshore accounts (this look back period of 16 years was introduced in 2012 after various data leaks had surfaced)." Once the identities of service providers are known, the department can seek additional information by approaching authorities in various jurisdictions under the exchange of information pact or double-taxation avoidance agreement.Īshish Mehta, partner at the law firm Khaitan & Co, said, "Questions about 16 years of residential status in notices issued to investigate the Panama, Paradise and other leaks were a norm. However, in building its case, the I-T department has to convert the leaked information into evidence. Several Indians who have been named in the Pandora leak have said their overseas investments and interests in trusts and companies abroad are legitimate transactions carried out for business and family requirements. So, these additional questions are aimed to make the exercise more comprehensive," the official added.
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ET's Sachin Dave explains how tax havens work and what will happen to Indians named in the recent leaks. Around 330 rich Indians have also found their names in this list, including Sachin Tendulkar, Anil Ambani and Jackie Shroff.
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Pandora Papers have laid bare a trove of confidential documents outlining how global elites put away their wealth to avoid tax.