The government has received information from Denmark and Finland on about 1,500 overseas banking transactions made by Indians and the IT department has initiated penalty and prosecution proceedings in cases where undisclosed income was detected, House was informed on Tuesday.
In a written reply to the Rajya Sabha, MoS for finance S S Palanimanickam said the information was received under Double Taxation Avoidance Agreements (DTAA) between India and these two countries. He further said the appropriate actions under the direct tax law is taken in all cases where information is received by the CBDT regarding the foreign transactions of Indians.
