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IRS Gets Tax Data From India As Black Money Hunt Hits Americans Too
Source:
forbes.com
- Sep 8, 2015
Indian Prime Minister Narendra Modi promised to bring home millions of dollars of illicit money stashed abroad. Indians call undisclosed money ‘black money,’ and how much there is remains unclear. But it isn’t just billions. It could be hundreds of billions to more than $1 trillion. It isn’t merely offshore either.
Many transactions are done on the books for one figure, while in reality, the total money changing hands is far larger. Amazingly, numerous land transactions across India are still done in cash, either wholly or partially. Land closings for some ‘white’ money and some black are common, as are many other kinds of transactions. It may be unrealistic to think that it will all stop shortly.
Indians are supposed to step forward by September 30 to pay taxes and penalties, but so far, few seem to be doing so, despite new risks of jail. As the deadline approaches, many naysayers are complaining. Some say the hunt for new places to stash the loot. Some Indians now send their family members abroad for 182 days. That makes them non-residents so family members can send them money to stash.
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Category: General Business
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