Asserting that persons having illegal foreign accounts will have to face the consequences, Finance Minister Arun Jaitley today said Income Tax Department has already sent notices to those figuring in Panama Papers and the responses will be verified against their tax returns.
“The Income Tax authorities have written to all the person who have been named so far (in the Panama Papers). Now the response would come from those and based on their responses they will decide as to which were the accounts or assets which are legitimately held which are illegitimately held,” he told reporters here.
Government has set up a multi-agency group to probe offshore accounts disclosed in Panama Papers.
Panama Papers last month disclosed a list of nearly 500 Indians including celebrities and industrialists who allegedly stashed money in offshore entities in Panama, considered to be a tax haven.
“This (replies of those named) obviously can be verified along with their return and taxation records also. For those who don’t hold legitimately will have to face the consequences,” said the Finance Minister who is here to attend the Annual General Meeting of Asian Development Bank.